Cowabunga System Daily Update: Tuesday, 12/02/08

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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 :

  • None

Today’s Surf

12:30am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.

10:45am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.4937 with a stop at the most recent swing high at 1.5067. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4900.

Entry: Short at 1.4937

Stop: 1.5067

Initial Target: 1.4900

11:00am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4900.

entry2

Trade Result: +37 pips (NOT INCLUDING SPREAD) R-Multiple: 0.28

News events to watch for tomorrow :

  • 4:30am EDT- UK Services PMI
  • 8:15am EDT- US ADP Non Farm Employment Change
  • 8:30am EDT- US Revised Nonfarm productivity
  • 10:00am EDT- US Non-Manufacturing PMI

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.

  • RConner04

    When you say the chart didn’t make a clean break. What are yo referring to? Do you have an example of a chart that DID make a clean break below your target?

  • dgib

    Cowabunga do you have an email indicator for your system that might alert you when you have a possible set up in the works something like an stoch above 70 and rising a RSI above 30 and rising and a negative MACD histogram getting smaller bars heading toward water line. This would be nice if you had one and could put it on different pairs. Let me know. Thanks

  • simon006

    from my analysis, uj and gj was on the downward trend sunday, monday, tuesday and will continue like that …my indicators positively confirmed it..i made more 150 pips from uj, gj and gu on the downward trend…from Simon006

  • moreliator

    hey pipsurfer!
    This is the first year I’ve been day trading, and as the year is coming to an end I’m wondering what the best way to do taxes is. I know how to do stocks and capital gains on Schedule D, but I’ve never had to report gains from currency trading. Do you have any advice?

    Thanks!

  • RConner04

    When you say the chart didn’t make a clean break. What are yo referring to? Do you have an example of a chart that DID make a clean break below your target?

  • dgib

    Cowabunga do you have an email indicator for your system that might alert you when you have a possible set up in the works something like an stoch above 70 and rising a RSI above 30 and rising and a negative MACD histogram getting smaller bars heading toward water line. This would be nice if you had one and could put it on different pairs. Let me know. Thanks

  • simon006

    from my analysis, uj and gj was on the downward trend sunday, monday, tuesday and will continue like that …my indicators positively confirmed it..i made more 150 pips from uj, gj and gu on the downward trend…from Simon006

  • moreliator

    hey pipsurfer!
    This is the first year I’ve been day trading, and as the year is coming to an end I’m wondering what the best way to do taxes is. I know how to do stocks and capital gains on Schedule D, but I’ve never had to report gains from currency trading. Do you have any advice?

    Thanks!

  • lynx220

    Hey Pip Surfer I have been testing the cowabunga system for 5 weeks. I think I’m ready to go live with it. I have $2000 in capital should I open a 1k lot account or a 10k lot account? I will be risking 1% of my capital per trade. What type of money management system do you use? Thanks dude you rock!

  • PipSurfer

    Moreliator- I’m no tax professional so I leave it to the experts. However, you can see this post for more information:

    /blogs/pipscalibur/tax_issues_for_forex_traders.html

    Hope that helps!

  • lynx220

    Hey Pip Surfer I have been testing the cowabunga system for 5 weeks. I think I’m ready to go live with it. I have $2000 in capital should I open a 1k lot account or a 10k lot account? I will be risking 1% of my capital per trade. What type of money management system do you use? Thanks dude you rock!

  • PipSurfer

    Moreliator- I’m no tax professional so I leave it to the experts. However, you can see this post for more information:

    link to babypips.com

    Hope that helps!