Cowabunga System Daily Update: Monday, 12/22/08
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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 :
- None
Today's Surf
1:00am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.4910 with a stop at the most recent swing high at 1.4962. Since I was only 10 pips away from the nearest 00 or 50 level (1.4900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 52. This put my initial target at 1.4858.
Entry: Short at 1.4910
Stop: 1.4962
Initial Target: 1.4858
2:45am EDT- Unfortunately I was stopped out of my trade.
3:30am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.4903 with a stop at the most recent swing high at 1.4981. Since I was only 3 pips away from the nearest 00 or 50 level (1.4900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 78. This put my initial target at 1.4825.
Entry: Short at 1.4903
Stop: 1.4981
Initial Target: 1.4825
5:15am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4830.
9:45am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.4801 with a stop at the most recent swing high at 1.4851. Since I was only 1 pip away from the nearest 00 or 50 level (1.4800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 50. This put my initial target at 1.4751 (just rounded it down to 1.4750).
Entry: Short at 1.4801
Stop: 1.4851
Initial Target: 1.4750
10:00am EDT- My target was hit. Price made a clean break so I trailed my stop to 1.4750 and set my next target for 1.4700.
10:15am EDT- Unfortunately I was stopped out at 1.4750.
Trade Result: -52 +73 +51= +72 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; 0.93; 1.00
News events to watch for tomorrow :
- 4:30am EDT- UK Current Account
- 8:30am EDT- US Final GDP
- 9:55am EDT- US Revised UoM Consumer Sentiment
- 10:00am EDT- US New and Existing Home Sales
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.
Related Posts:
- Cowabunga System Daily Update: Wednesday, 12/03/08 15:30 03 December 2008
- Cowabunga System Daily Update: Tuesday, 12/02/08 14:36 02 December 2008
- Cowabunga System Daily Update: Wednesday, 10/08/08 13:05 08 October 2008
- Cowabunga System Daily Update: Thursday, 08/14/08 14:39 14 August 2008
- Cowabunga System Daily Update: Wednesday, 01/21/09 13:31 21 January 2009
Archived Comments (11)
Forex Blog: Pip My System
Hey dude, we were surfing on the same wave yesterday...it was a nice wave pips day.......got same amount of pips!
surf way dude
Hi PipSurfer
Would like to wish you a happy and safe holidays.
Many thanks for your relentless efforts in updating your trading blog. It's been very useful.
rgds,
iZar
Happy Holiday's Surfer
Don't spend all your pips on presents for the puppy. Have a great Christmas and enjoy a break from all the hard work you put in on the Blog
I was wondering if you could give any tips or insight on dealing with a clean break. What sort of things do you think about and look at when a target is hit. For instance if a target is hit and then price stops moving for a couple minutes or goes a couple pips against us what do you personally do. I think I'm still moving my stop loss too fast (within 2 minutes of limit being hit) so it jumps up, stops me out, and then carries on with the 'clean break'. Thanks for any advice. I appreciate it. Happy holidays bro. patmcc88
Hi
I am new.
Please provide me with the links to what
I shall need to set up the Cowabunga System
so I can use that with my Forex Trading.
My email: f_richardson@rogers.com
Thank You.
Frank Richardson
Canada
I am new but it sounds to me like you need to market your system on your own website. With Daily System Updates I think you have evolved beyond what is offered here and you could market and earn additional income.
v/r
Starzagazin
Hello
I started using your system, took a trade for fun tonight,
shorted at 1.4768. What would you aim your t/p for? 18pips? or would you aim for 1.4700?
Hey doogie88,
follow the rulez dude, t/p to the nearest 00 or 50...so in your case it will be 1.4750.
If a clean break occurs, then go to 1.4700
Yes, I know, but it was only 18 pips, so I didn't know if he'd set the goal higher, because I know at times if it is close, he'll go to the next .50 marker. I want to know, what's the minimum to aim for, before add 50 pips to it to the next .50 level.
I mean if it's 9 pips to the next 50 or 00 level, he'll probably go for 59 total. But what about 18? Take 18 or go for 68.
Okay, I see a past blog he took 16pips so I guess 18 is a fine target as well.