Cowabunga System Daily Update: Tuesday, 12/09/08

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Main Trend

Current Trend= The trend remained up until 11am EDT. From 7am -11am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 11am EDT, the trend remained down.

Today I only looked for long trades until 11am EDT. After 11am EDT, I only looked for short trades.

News events to watch for today :

  • 4:30am EDT- UK Manufacturing Production
  • 10:00am EDT- US Pending Home Sales

Today’s Surf

5:15am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.4820 with a stop at the most recent swing low at 1.4737. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4850.

Entry: Long at 1.4820

Stop: 1.4737

Initial Target: 1.4850

7:30am EDT- Unfortunately I was stopped out of my trade.

10:30am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.

entry2

Trade Result: -83 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00

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.

16 comments

  1. K-Mon

    A lot of times, the Moving Averages are at the exact same level on a given candle that closes. Would you enter the trade here or would you have to wait for it to actually cross each other (wait for another candle)?

    Reply
  2. woris

    Hi, I´m a little bit confused because your first entry today macd has been positiv how i identified it but you entered, the second candle you didn´t enter just because of that reason,
    could you please explain that for me. and my other question
    is, what is r-multiple?
    thanks again
    woris

    Reply
  3. K-Mon

    A lot of times, the Moving Averages are at the exact same level on a given candle that closes. Would you enter the trade here or would you have to wait for it to actually cross each other (wait for another candle)?

    Reply
  4. lissyking

    Hey dude, I must say I agreed with woris above! I didnt enter the trade because that small macd was a positive one, not a negative acording to my signal. So I didnt get any trade at all yesterday. Let’s see what the market going to offer for us tomorrow.
    Surf away dude!

    Reply
  5. woris

    Hi, I´m a little bit confused because your first entry today macd has been positiv how i identified it but you entered, the second candle you didn´t enter just because of that reason,
    could you please explain that for me. and my other question
    is, what is r-multiple?
    thanks again
    woris

    Reply
  6. cablexer

    Hey Pipsurfer ive been tracking and trading your system for some time now and its doing pretty well ! And is much appreciated that youve taken the time to share this with us.
    Can you please tell me if you were in a trade long for example then a new swing low formed on 15 min chart would you move the stop up to this new level ?

    Cheers Mark

    Reply
  7. fxfix

    Hi Pip Surfer,

    Thanks for the great stuff. I love the videos. I have watched all of them. This is my question: I go to my 4H chart to see the trend for the day and then I proceed with my 15M chart. What happens if I see a few hours later that there is a trend change in the 4H chart? Should I then change my direction of entry in the 15M chart? Or should I remain “faithfull” to the trend I saw at midnight when I started my trading session?

    In what instances, if any, you change from going short to going long in the same day?

    Thanks so much again!

    fxfix

    Reply
  8. fxfix

    Hi Again,

    You where trading long today when a purple candle appeared. Wasn’t that an indicator that the trend was changing direction? If yes, why didn’t you cut your losses there?

    Thanks again!

    fxfix

    Reply
  9. lissyking

    Hey dude, I must say I agreed with woris above! I didnt enter the trade because that small macd was a positive one, not a negative acording to my signal. So I didnt get any trade at all yesterday. Let’s see what the market going to offer for us tomorrow.
    Surf away dude!

    Reply
  10. cablexer

    Hey Pipsurfer ive been tracking and trading your system for some time now and its doing pretty well ! And is much appreciated that youve taken the time to share this with us.
    Can you please tell me if you were in a trade long for example then a new swing low formed on 15 min chart would you move the stop up to this new level ?

    Cheers Mark

    Reply
  11. fxfix

    Hi Pip Surfer,

    Thanks for the great stuff. I love the videos. I have watched all of them. This is my question: I go to my 4H chart to see the trend for the day and then I proceed with my 15M chart. What happens if I see a few hours later that there is a trend change in the 4H chart? Should I then change my direction of entry in the 15M chart? Or should I remain “faithfull” to the trend I saw at midnight when I started my trading session?

    In what instances, if any, you change from going short to going long in the same day?

    Thanks so much again!

    fxfix

    Reply
  12. fxfix

    Hi Again,

    You where trading long today when a purple candle appeared. Wasn’t that an indicator that the trend was changing direction? If yes, why didn’t you cut your losses there?

    Thanks again!

    fxfix

    Reply
  13. lissyking

    Hey dude, got a buy signal wave at 5:30am. went in at 1.4815 and got my profit at 1.4850……45pips gained.
    I notice they were two more buy signal waves 9:30am and 10:00am. I could have enter at those two points but i was having a bath. So I missed those two extra wave pips…..no prob!

    Did you got the same?

    Reply
  14. mabidashraf

    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!

    Reply
  15. lissyking

    Hey dude, got a buy signal wave at 5:30am. went in at 1.4815 and got my profit at 1.4850……45pips gained.
    I notice they were two more buy signal waves 9:30am and 10:00am. I could have enter at those two points but i was having a bath. So I missed those two extra wave pips…..no prob!

    Did you got the same?

    Reply
  16. mabidashraf

    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!

    Reply

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