Cowabunga System Daily Update: Tuesday, 11/25/08

Pssst…Have you heard about MeetPips.com yet?

If you haven’t done so already , go check out BabyPips’ newest creation, FreshPips.com !

Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what’s “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.

Check it out, register, and start submitting cool Forex stories today!

If this is your first time visiting this blog, read this first! 

Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades

News events to watch for today :

  • 4:30am EDT- UK MPC Treasury Committee Hearings
  • 8:30am EDT- US GDP Prelim
  • 10:00am EDT- US Consumer Confidence

Today’s Surf

12:00am EDT- 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 1.5124 with a stop at the most recent swing low at 1.5083. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5150.

Entry: Long at 1.5124

Stop: 1.5083

Initial Target: 1.5150

12:15am EDT- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.5143.

3:00am EDT- 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 1.5136 with a stop at the most recent swing low at 1.5065. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5150.

Entry: Long at 1.5136

Stop: 1.5065

Initial Target: 1.5150

9:00am EDT- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.5145.

7:00am EDT- 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 1.5108 with a stop at the most recent swing low at 1.5054. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5150.

Entry: Long at 1.5108

Stop: 1.5054

Initial Target: 1.5150

7:30am EDT- Unfortunately I was stopped out of my trade.

8:30am EDT- There was a valid signal here but because it was a news candle, I did not enter.

entry2

Trade Result: +19 +9 -54= -26 pips (NOT INCLUDING SPREAD) R-Multiple: 0.46; 0.12; -1.00

News events to watch for tomorrow :

  • 4:30am EDT- UK Revised GDP
  • 8:30am EDT- US Unemployment Claims; Durable Goods
  • 10:00am EDT- US New 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.

  • lissyking

    when you look at the news event that are coming out, do you only pay attention to the RED flag impact news? Thanks dude.

  • lissyking

    Hey Dude, I was watching your updaste for yesterday and I got the same wins. Unfortunately you didnt enter after the news candle which I did and I am confused why you didnt. This is why, you said one of the rules of the system is to not trade a news candle stick. Which means, let say we have a news candle at 4:00am, but a From yesterday action, the news candle was 8:30am after which we got a valid signal to enter which is the opening of the 8:45am candle, rsi was above 50, stoch pointing up and macd from negative to positive…..all thanks to the news candle stick

  • lissyking

    Hey Dude, I was watching your updaste for yesterday and I got the same wins. Unfortunately you didnt enter after the news candle which I did and I am confused why you didnt. This is why, you said one of the rules of the system is to not trade a news candle stick. Which means, let say we have a news candle at 4:00am, but at that time we got a valid signal at the opening of the 4:00am candle…then we would not enter according to the rules since we are entering at a news candle. But from yesterday action, the news candle was 8:30am after which we got a valid signal to enter which is the opening of the 8:45am candle, rsi was above 50, stoch pointing up and macd from negative to positive…..all thanks to the news candle stick which gave us a valid entry position, I entered after the closed of the news candle and gained 50 pips.

    But why didnt you enter after at the opening of the 8:45am candle since after the news candle we got our valid signal?

    Please verify with me…thanks dude

  • lissyking

    when you look at the news event that are coming out, do you only pay attention to the RED flag impact news? Thanks dude.

  • lissyking

    Hey Dude, I was watching your updaste for yesterday and I got the same wins. Unfortunately you didnt enter after the news candle which I did and I am confused why you didnt. This is why, you said one of the rules of the system is to not trade a news candle stick. Which means, let say we have a news candle at 4:00am, but a From yesterday action, the news candle was 8:30am after which we got a valid signal to enter which is the opening of the 8:45am candle, rsi was above 50, stoch pointing up and macd from negative to positive…..all thanks to the news candle stick

  • lissyking

    Hey Dude, I was watching your updaste for yesterday and I got the same wins. Unfortunately you didnt enter after the news candle which I did and I am confused why you didnt. This is why, you said one of the rules of the system is to not trade a news candle stick. Which means, let say we have a news candle at 4:00am, but at that time we got a valid signal at the opening of the 4:00am candle…then we would not enter according to the rules since we are entering at a news candle. But from yesterday action, the news candle was 8:30am after which we got a valid signal to enter which is the opening of the 8:45am candle, rsi was above 50, stoch pointing up and macd from negative to positive…..all thanks to the news candle stick which gave us a valid entry position, I entered after the closed of the news candle and gained 50 pips.

    But why didnt you enter after at the opening of the 8:45am candle since after the news candle we got our valid signal?

    Please verify with me…thanks dude

  • silvermark

    Hi, great blog! My favorite to date on BabyPips.

    I was just wondering, isn’t risking 41 pips to make 26 a bad risk/reward ratio?

    Feel free to ignore this comment if you’ve already discussed this previously in other videos.

  • silvermark

    Hi, great blog! My favorite to date on BabyPips.

    I was just wondering, isn’t risking 41 pips to make 26 a bad risk/reward ratio?

    Feel free to ignore this comment if you’ve already discussed this previously in other videos.

  • humster

    Hi Pipsurfer! I understand you exit your trades manually. Have a question on exiting trades when there is or isn’t a “cleanbreak”…how do you actually determine whether there is or isn’t a “cleanbreak” when the price is moving “live” during the 15mins candle? You mentioned before about looking at the momentum and even going down to a lower time frame to check the momentum. I couldn’t quite get it… as in a 15mins candle, the price could go “cleanbreak” in a minute and lose momentum the next minute. Thanks!

  • humster

    Hi Pipsurfer! I understand you exit your trades manually. Have a question on exiting trades when there is or isn’t a “cleanbreak”…how do you actually determine whether there is or isn’t a “cleanbreak” when the price is moving “live” during the 15mins candle? You mentioned before about looking at the momentum and even going down to a lower time frame to check the momentum. I couldn’t quite get it… as in a 15mins candle, the price could go “cleanbreak” in a minute and lose momentum the next minute. Thanks!