Cowabunga System Daily Update: Wednesday, 12/03/08

Posted 15:30 03 December 2008 | 13

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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 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


Today's Surf


3:15am 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 1.4839 with a stop at the most recent swing high at 1.4926. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4800.


Entry: Short at 1.4839

Stop: 1.4926

Initial Target: 1.4800


3:30am EDT- My target was hit. Price made a clean break so I moved my stop to 1.4800 and set my next target at 1.4750. During this same candle, my 2nd target at 1.4750 was hit. This time, price did not make a clean break so I took my final profit. I exited at 1.4760.


entry2


Trade Result: +79 pips (NOT INCLUDING SPREAD) R-Multiple: 0.91


News events to watch for tomorrow :


  • 7:00am EDT- UK Bank Rate

  • 8:30am EDT- US Unemployment Claims


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.

Comments (13)

hey, when you said micro lots for a $2000 apital acount, do you mean using a lot size of 0.1 ? thanks..... P.S getting the same pips as you...surf awayyyyyyyyyyy
lissyking | Posted 15:56 03 December 2008
Great Stuff Pipsurfer!
jivtree | Posted 16:17 03 December 2008
Well caught Pipsurfer. I was able to bank a few pips on this same trade. I am off for a surf in Raglan, N.Z, right now to celebrate...One thing riding the wave online but it doesnt beat the real thing aye bro....
MaoriPip | Posted 17:37 03 December 2008
Hi Pipsurfer, I checked on the FAQ and your most recent posts but couldn't find an explicit answer for this one: When you look for a clean break are you looking at the close of the 15min candle? Thanks!
therbcoe | Posted 17:43 03 December 2008
hi surfer dude thanks for the daily updates i have a couple questions im using forex.com and i never got a crossover was using 5,10 epa why dont they match and why dont you trade before 12am or after 4pm thanks
jschu | Posted 18:03 03 December 2008
which moving averages do you use? ema or ma and how many days
stanislavz | Posted 19:29 03 December 2008
Surfer wassup, when you say you hold your position on a clean break, what do you mean when you say that you check lower time frames to check the momentum. Can you explain that a lil more, please! Thanks. I made the mistake of trading yesterday at 08:30 when new had came out, and lose 25 pips. I now understand why you say that you don't trade when news comes out. Better safe than sorry, huh! More like sorry in my chase yesterday! LOL! No biggy! Just trying to make it more fun than serious. I feel if I treat somethings like a video game in life in some chases. It takes some of the more serious emotions out of it. And make it more than not. Thanks again homie!
GoGetta | Posted 09:16 04 December 2008
hi,i would like to know what action to take if macd is already in negative,stoch has crossed heading down,RSI is yet to cross 50,5ema is yet to cross 10 ema.Thanks!
oriyomi | Posted 13:49 04 December 2008
Thanks for responding to my question about alerts that does help me. I'm using metatrader4 currently. What is the software platform you are using? I'm really not that impressed with metatrader it has a lot of disconnection problems on the demo account I'm using. Thanks
dgib | Posted 06:03 05 December 2008
Please confirm again your trading hours in EST. Thank you.
forexuser1 | Posted 15:31 05 December 2008
Hello Cowabunga, I put up the RSI,STOCHASTIC & MACD setting on my MetaExtreme chart,but why are the movement of them are not same ? Were the parameters in each ofthe oscillators has to be modifed i.e the value ? Please help as I always ends up trapped with the wrong signals & never win.Thanks for your kind hafizam,harif802@yahoo.com
hafizam | Posted 23:50 05 December 2008
Hi, first I want to thank you for posting and updating this great method. I've reached to the conclusion that this is want i want to use. I would like however to ask you two things: - do you consider that I could have good results with it if I stick with the system but I trade it whenever I have the time? (not 24/7 as you do); - do you think that it would be a better idea to exit a trade not at nearest 00 or 50 level but at the EMA intersection in the opposite side? This will allow to grab bigger trades when the market flows with the trend? Thanks.
Lint | Posted 06:11 08 December 2008
Hi Dude, How do you use trailing stop in your trades and how helpful can it be? I can see that when you make some pip gains, you move your stop a little further to take advantage of some more pips-that is if the trend is in your favour.How do you do that? Do you enter a completely new trade or what do you actually do?
davidans | Posted 09:14 08 December 2008

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