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.

  • 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)?

  • 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

  • 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)?

  • 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!

  • 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

  • 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

  • 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

  • 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

  • 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!

  • 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

  • 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

  • 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

  • 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?

  • 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!

  • 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?

  • 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!