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

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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 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.

  • lissyking

    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

  • jivtree

    Great Stuff Pipsurfer!

  • MaoriPip

    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….

  • therbcoe

    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!

  • jschu

    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

  • stanislavz

    which moving averages do you use? ema or ma and how many days

  • lissyking

    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

  • jivtree

    Great Stuff Pipsurfer!

  • MaoriPip

    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….

  • therbcoe

    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!

  • jschu

    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

  • stanislavz

    which moving averages do you use? ema or ma and how many days

  • GoGetta

    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!

  • oriyomi

    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!

  • GoGetta

    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!

  • oriyomi

    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!

  • dgib

    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

    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

  • forexuser1

    Please confirm again your trading hours in EST. Thank you.

  • forexuser1

    Please confirm again your trading hours in EST. Thank you.

  • hafizam

    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

    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

  • Lint

    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.

  • davidans

    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?

  • Lint

    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.

  • davidans

    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?