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

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  • 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

  • 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!

  • 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

  • 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!