Cowabunga System Daily Update: Monday, 11/10/08

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Main Trend

Current Trend= The trend remained up until 11am EDT. From 7am – 11am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 11am EDT, the trend remained down.

Today I only looked for long trades until 11am EDT. After 11am EDT, I only looked for short trades.

News events to watch for today :

  • 4:30am EDT- UK PPI

Today’s Surf

4:00am EDT- There was a valid signal here, but because it was right before news, I did not enter.

entry2

Trade Result: +0 pips R-Multiple: N/A

News events to watch for tomorrow :

  • 8:30am EST- US Employment Report
  • 10:00am EST- US Pending Home Sales

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.

  • Dtrain8

    Hello. In looking for a short trade (after confirming trend on 4 hour chart) on 15min chart, is there ever a time you could have a valid entery if the MACD was already negative?

  • moreliator

    Hey pipsurfer,
    I’ve studying forex since May and finally opened a live account a few weeks ago. I have several systems that I trade, but one of the most useful learning tools for me was trading your system and watching your blogs. Thanks so much for your dedication to the daily updates!! Going through the school of pipsology was useful too, but I’ve found that trading an actual system is the best way for me to learn. I have been able to apply techniques to other systems, and following your blog has made me a better trader!

  • Dtrain8

    Hello. In looking for a short trade (after confirming trend on 4 hour chart) on 15min chart, is there ever a time you could have a valid entery if the MACD was already negative?

  • fishingforpips

    Hi Pipsurfer. Very new to this but starting to get the hang of the Cowabunga system and it is certainly improving my win rate. With the trend on the 4 hour chart if all the indicators are over brought or oversold and the candles are starting to show a possible trend change but MACD hasn’t crossed would you shy away from a trade? Or do you assume your trade is normally within a 4 hour candle so what is happerning on the 15 min chart is more important? Cheers

  • fishingforpips

    Hi Pipsurfer. Very new to this but starting to get the hang of the Cowabunga system and it is certainly improving my win rate. With the trend on the 4 hour chart if all the indicators are over brought or oversold and the candles are starting to show a possible trend change but MACD hasn’t crossed would you shy away from a trade? Or do you assume your trade is normally within a 4 hour candle so what is happerning on the 15 min chart is more important? Cheers

  • GoGetta

    Hello, and thanks again for all the info that you provide us with. My ? is, let say that the EMA just crossed in the direction of the main, but the RSI, Stochistic are both near to very near to overbrought or oversold levels. How do you determine what your going to do, as far as entering the trade or not? Also, being that the USD/JPY moves in a mirror like direction, could you use it for that pair or how much do you twink for it to work for that pair?

  • GoGetta

    Oh one more ?, if you don’t hit your target, would you go ahead and get out of the market or would you let the trade work for a while being that your S/L hasn’t been hit?

  • GoGetta

    Hello, and thanks again for all the info that you provide us with. My ? is, let say that the EMA just crossed in the direction of the main, but the RSI, Stochistic are both near to very near to overbrought or oversold levels. How do you determine what your going to do, as far as entering the trade or not? Also, being that the USD/JPY moves in a mirror like direction, could you use it for that pair or how much do you twink for it to work for that pair?

  • GoGetta

    Oh one more ?, if you don’t hit your target, would you go ahead and get out of the market or would you let the trade work for a while being that your S/L hasn’t been hit?