Cowabunga System Daily Update: Monday, 12/01/08

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades

News events to watch for today :

  • 4:30am EDT- UK Manufacturing PMI
  • 10:00am EDT- US ISM Index

Today’s Surf

1:30am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.5297 with a stop at the most recent swing high at 1.5354. Since I was 47 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5250.

Entry: Short at 1.5297

Stop: 1.5354

Initial Target: 1.5250

3:00am EDT- My target was hit. Price made a clean break so I moved my stop to 1.5250 and set my next target for 1.5200.

3:15am EDT- My 2nd target was hit at 1.5200. Price made a clean break so I moved my stop to 1.5200 and set my next target at 1.5150. During this same candle my 3rd target was hit at 1.5150. This time, price did not make a clean break so I took my final profit. I exited at 1.5170.

entry2

Trade Result: +127 pips (NOT INCLUDING SPREAD) R-Multiple: 2.23

News events to watch for tomorrow :

  • None

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.

4 comments

  1. mmazzuca13

    Hey Pip Surfer,
    Have you ever entered a trade with two lots and let the second one run to take advantage of a trade such as the one today? Thanks for all your hard work with this site.

    Thank you
    Michael

    Reply
  2. K-Mon

    Thanks a lot for posting this free information. I have found your strategy to be VERY helpful! I was just wondering what service you use to send alerts to your cell phone. I have a full-time job and can’t be watching charts all day long. I have tried a few different sites out, but have not found one that allows for multiple conditions. Which one do you use?

    Thanks again DUDE!

    Reply
  3. mmazzuca13

    Hey Pip Surfer,
    Have you ever entered a trade with two lots and let the second one run to take advantage of a trade such as the one today? Thanks for all your hard work with this site.

    Thank you
    Michael

    Reply
  4. K-Mon

    Thanks a lot for posting this free information. I have found your strategy to be VERY helpful! I was just wondering what service you use to send alerts to your cell phone. I have a full-time job and can’t be watching charts all day long. I have tried a few different sites out, but have not found one that allows for multiple conditions. Which one do you use?

    Thanks again DUDE!

    Reply

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