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.

entry2

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.

  • lissyking

    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

  • iZar

    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

  • therbcoe

    Happy Holiday’s Surfer

  • lissyking

    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

  • iZar

    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

  • therbcoe

    Happy Holiday’s Surfer

  • macc

    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

  • patmcc88

    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

  • 78020

    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

  • macc

    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

  • patmcc88

    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

  • 78020

    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

  • starzagazin

    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

  • starzagazin

    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

  • doogie88

    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?

  • lissyking

    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

  • doogie88

    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?

  • lissyking

    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

  • doogie88

    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.

  • doogie88

    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.

  • doogie88

    Okay, I see a past blog he took 16pips so I guess 18 is a fine target as well.

  • doogie88

    Okay, I see a past blog he took 16pips so I guess 18 is a fine target as well.