Cowabunga System Daily Update: Thursday, 10/30/08

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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 :

  • 2:00am EST- UK Nationwide HPI
  • 8:30am EST- US GDP

Today’s Surf

1:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50 but stochastics were trending down and MACD was losing value. This cancelled out the signal so I didn’t enter.

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 1.6624 with a stop at the most recent swing low at 1.6426. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6650.

Entry: Long at 1.6624

Stop: 1.6426

Initial Target: 1.6650

6:45am EST- My target was hit at 1.6650. Price did not make a clean break so I took my final profit. I exited at 1.6645.

entry2

Trade Result: +19 pips (NOT INCLUDING SPREAD) R-Multiple: 0.09

News events to watch for tomorrow :

  • 8:30am EST- US Core PCE Index
  • 9:45am EST- Chicago PMI
  • 10:00am EST- Revised Consumer Sentiment

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.

  • fed

    Hi, I have a question. What is the name of the indicator that you are using on the candels?

    Thanks

  • macc

    Hi Cowabunga.

    I’m a complete newbie to the site and your system but already think both are great. A question regarding todays (30th) trading. You chose to enter the trade at 06:30am EST as all signals gave you the green light. Perhaps my charting and set-up give slightly different readings but at the time of the cross-over my Stochastics were 74 for the %K line (fast) and 48 for the %D line (slow). I realise the 70% to 80% area of Stochastics may be a grey area in terms of overbought territory and my slower %D line was still neutral and trending up, however, I chose not to (paper) trade because my %K line was in what I thought overbought territory. Any comments?

    Thanks for a great service

  • Dtrain8

    Hello, First off thank you for the great info that you provide daily. It is very much appreciated. Now on to my question. Today you went long at 1.6624 wth s/l set at 1.6426 and t/p at 1.6650. My question here is does the risk/reward allow you to potentially lose 200pips with only at 26pip profit targeted? Your accepted loss is 9x larger than your expected gain. I know you set s/l at recent swing low but that risk reward seems strange to me. Please help me to better understand your system because I have been following it and kick’n butt. I just want to get your view on this. Thanks Bro!

  • fed

    Hi, I have a question. What is the name of the indicator that you are using on the candels?

    Thanks

  • macc

    Hi Cowabunga.

    I’m a complete newbie to the site and your system but already think both are great. A question regarding todays (30th) trading. You chose to enter the trade at 06:30am EST as all signals gave you the green light. Perhaps my charting and set-up give slightly different readings but at the time of the cross-over my Stochastics were 74 for the %K line (fast) and 48 for the %D line (slow). I realise the 70% to 80% area of Stochastics may be a grey area in terms of overbought territory and my slower %D line was still neutral and trending up, however, I chose not to (paper) trade because my %K line was in what I thought overbought territory. Any comments?

    Thanks for a great service

  • Dtrain8

    Hello, First off thank you for the great info that you provide daily. It is very much appreciated. Now on to my question. Today you went long at 1.6624 wth s/l set at 1.6426 and t/p at 1.6650. My question here is does the risk/reward allow you to potentially lose 200pips with only at 26pip profit targeted? Your accepted loss is 9x larger than your expected gain. I know you set s/l at recent swing low but that risk reward seems strange to me. Please help me to better understand your system because I have been following it and kick’n butt. I just want to get your view on this. Thanks Bro!

  • ddh

    How do you determine a trend changing candle

  • Jaury

    PipSurfer,

    I wouls also like to har an answer on Dtrain8’s Risk/Reward question…..Also, can you update your Track Record 2008 page? I only see through May 2008?

  • ddh

    How do you determine a trend changing candle

  • Jaury

    PipSurfer,

    I wouls also like to har an answer on Dtrain8’s Risk/Reward question…..Also, can you update your Track Record 2008 page? I only see through May 2008?

  • woris

    Hi, just a few days ago I´ve got to know your cowabunga system and I try to trade that way with a good result. I do appreciate a lot your daily update. but I have one question: If you´re placing a trade you´ll set your initial target to the next 50/100 level. But if I understand it right it is not a TP-order right? Do you watch your target and exite maualy? only your SL is fixed and will executed automaticaly? thanks again.

  • woris

    Hi, just a few days ago I´ve got to know your cowabunga system and I try to trade that way with a good result. I do appreciate a lot your daily update. but I have one question: If you´re placing a trade you´ll set your initial target to the next 50/100 level. But if I understand it right it is not a TP-order right? Do you watch your target and exite maualy? only your SL is fixed and will executed automaticaly? thanks again.

  • JamesFord

    Hey, Pip S. There’re nice days for day traders neither for swing. So.. it’s time for me to think. What would you say about such a version of your system – to trade cross-overs at 4 hour chart?

  • JamesFord

    Hey, Pip S. There’re nice days for day traders neither for swing. So.. it’s time for me to think. What would you say about such a version of your system – to trade cross-overs at 4 hour chart?