Cowabunga System Daily Update: Wednesday, 10/29/08

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades

News events to watch for today :

Today’s Surf

2:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.6019 with a stop at the most recent swing low at 1.5938. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6050.

Entry: Long at 1.6019

Stop: 1.5938

Initial Target: 1.6050

2:30am EST- My target was hit at 1.6050. Price made a clean break so I moved my stop to 1.6050 and set my next target for 1.6100.

2:45am EST- My 2nd target was hit at 1.6100. Price made a clean break so I trailed my stop to 1.6100 and set my next target for 1.6150. During this same candle my target at 1.6150 was hit. Price again made a clean break so I trailed my stop to 1.6150 and set my next target at 1.6200. Once again my target was hit during this same candle. However, this time, price did not make a clean break of 1.6200 so I took my final profit. I exited out at 1.6190.

6:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.6062 with a stop at the most recent swing low at 1.5977. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6100.

Entry: Long at 1.6062

Stop: 1.5977

Initial Target: 1.6100

8:00am EST- My target was hit at 1.6100. Price did not make a clean break so I took my final profit. I exited at 1.6095.

9:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.6083 with a stop at the most recent swing low at 1.5992. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6100.

Entry: Long at 1.6083

Stop: 1.5992

Initial Target: 1.6100

9:45am EST- My target was hit at 1.6100. Price made a clean break so I trailed my stop to 1.6100 and set my next target for 1.6150.

10:00am EST- My 2nd target at 1.6150 was hit. Price made a clean break so I trailed my stop to 1.6150 and set my next target for 1.6200. During this same candle, my 3rd target was hit at 1.6200. However, this time, price did not make a clean so I took my final profit. I exited at 1.6195.

entry2

Trade Result: +171 +33 +112= +316 pips (NOT INCLUDING SPREAD) R-Multiple: 2.11; 0.38; 1.23

News events to watch for tomorrow :

  • 3:00am EST- UK Nationwide HPI
  • 8:30am EST- US GDP

For a complete list of news events check out our News Section

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

  • GoGetta

    I just wanted to say thank you for this trading system. It’s rear that you find site that offer so much advice or let’s say opinion. I’m just curious as to what periods do you use for the MACD with this system? Also, Do you trade the EUR/GBP, EUR/USD, and EUR/USD? If so, can you give your opinion on the system that you use for those pairs, please? And again, thank you for the videos. They are very helpful!

  • Pipenstien

    dude sick trades man! what time frames do you zoom down to when you get near your profit targets? – Pipenstien

  • GoGetta

    I just wanted to say thank you for this trading system. It’s rear that you find site that offer so much advice or let’s say opinion. I’m just curious as to what periods do you use for the MACD with this system? Also, Do you trade the EUR/GBP, EUR/USD, and EUR/USD? If so, can you give your opinion on the system that you use for those pairs, please? And again, thank you for the videos. They are very helpful!

  • Pipenstien

    dude sick trades man! what time frames do you zoom down to when you get near your profit targets? – Pipenstien

  • mark_bhx

    Great system, easy to follow and pips galore. I just wanted to ask when you get the 5 and 10 MA crossover, do you take it as a signal if the MA values only crossed by 1 pip or do you wait for a larger crossover, say 5 pips? I’ve seen some crossovers of 1 pip only for the 5 and 10 MA to amble along very close to each other for quiet a while before any real movement happens.

  • mastersnap

    Do you stay and watch your monitor, or how do you get your alerts to come and trade (email alert to a cell phone?)? Can you by chance show us what settings you actually use for xtick? Having alot of success with the Cowabunga system, and would just like to get set up now to where I am no longer sitting in front of my monitor for hours at a time. Thanks!

  • mark_bhx

    Great system, easy to follow and pips galore. I just wanted to ask when you get the 5 and 10 MA crossover, do you take it as a signal if the MA values only crossed by 1 pip or do you wait for a larger crossover, say 5 pips? I’ve seen some crossovers of 1 pip only for the 5 and 10 MA to amble along very close to each other for quiet a while before any real movement happens.

  • mastersnap

    Do you stay and watch your monitor, or how do you get your alerts to come and trade (email alert to a cell phone?)? Can you by chance show us what settings you actually use for xtick? Having alot of success with the Cowabunga system, and would just like to get set up now to where I am no longer sitting in front of my monitor for hours at a time. Thanks!