Cowabunga System Daily Update: Thursday, 12/18/08

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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 Retail Sales
  • 8:30am EDT- US Initial Claims
  • 10:30am EDT- US Philly Fed Index

Today’s Surf

5:00am 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 1.5477 with a stop at the most recent swing low at 1.5356. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5500.

Entry: Long at 1.5477

Stop: 1.5356

Initial Target: 1.5500

6:00am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5493.

entry2

Trade Result: +16 pips (NOT INCLUDING SPREAD) R-Multiple: 0.13

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.

10 comments

  1. JamesFord

    Hi there. What software do you use to record videos? And one more – how would you consider using ADX to determine trend/range on 4 hour chart.

    Reply
  2. jon

    When exiting today’s trade did you wait for the candle to close or did you realize that it was not going to make a clean break and decide to take profits a little early.

    Reply
  3. azzure_zerk

    Hi there,
    How do you make your own video?What equipments or gadgets did you use?I do believe it is one way of expressing your thoughts in a sense that everyone can see it.I will take advantage on what you did on your blog.I will do it also if i will be making, do you have some tips on how to make your blogs much more interesting?Thanks for your blogs it helps me a lot.

    Reply
  4. JamesFord

    Hi there. What software do you use to record videos? And one more – how would you consider using ADX to determine trend/range on 4 hour chart.

    Reply
  5. jon

    When exiting today’s trade did you wait for the candle to close or did you realize that it was not going to make a clean break and decide to take profits a little early.

    Reply
  6. azzure_zerk

    Hi there,
    How do you make your own video?What equipments or gadgets did you use?I do believe it is one way of expressing your thoughts in a sense that everyone can see it.I will take advantage on what you did on your blog.I will do it also if i will be making, do you have some tips on how to make your blogs much more interesting?Thanks for your blogs it helps me a lot.

    Reply
  7. Nakamura

    Hi there dude. I really appreciate your dedication for this blog. Your system and your videos help people a lot. I created my own trading system and tested it on a demo account for 5 months what gave me 76 trades with 46 wins (60,52%), in pips it was +894. Do you think I can trade for real money using this system? For how long did you try your system before start trading for real money? And just one more question, why did you put 9 for RSI and 10,3,3 for Stochastic? I know what the numbers are meaning but are they just adjusted for a 15 minutes chart or you tried some others values before choose them? Sorry about it but I’m asking all these question to you because I think you’re the only one here that really trade using a technical system and maybe babypips is in needed of another blog like yours or another trading system developed by you, what would be great. Thanks for you help

    Reply
  8. Nakamura

    Hi there dude. I really appreciate your dedication for this blog. Your system and your videos help people a lot. I created my own trading system and tested it on a demo account for 5 months what gave me 76 trades with 46 wins (60,52%), in pips it was +894. Do you think I can trade for real money using this system? For how long did you try your system before start trading for real money? And just one more question, why did you put 9 for RSI and 10,3,3 for Stochastic? I know what the numbers are meaning but are they just adjusted for a 15 minutes chart or you tried some others values before choose them? Sorry about it but I’m asking all these question to you because I think you’re the only one here that really trade using a technical system and maybe babypips is in needed of another blog like yours or another trading system developed by you, what would be great. Thanks for you help

    Reply

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