Cowabunga System Daily Update: Monday, 12/29/08
Sorry no video today. My voice is completely gone!
Start your own blog and share your trades at MeetPips.com
If you haven't done so already , go check out BabyPips' newest creation, FreshPips.com !
Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what's “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.
Check it out, register, and start submitting cool Forex stories today!
If this is your first time visiting this blog, read this first!
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
3:45am 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 1.4696 with a stop at the most recent swing high at 1.4768. Since I was 46 pips away from the nearest 50 or 00 level, I put my initial target at 1.4650.
Entry: Short at 1.4696
Stop: 1.4768
Initial Target: 1.4650
5:15am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4650.
Trade Result: +46 pips (NOT INCLUDING SPREAD) R-Multiple: 0.63
News events to watch for tomorrow :
- 10:00am EDT- US CB Consumer Confidence
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, 01/04/09 14:00 14 January 2009
- Cowabunga System Daily Update: Monday, 01/26/09 15:02 26 January 2009
- Cowabunga System Daily Update: Tuesday, 06/17/08 13:31 17 June 2008
- Cowabunga System Daily Update: Wednesday, 06/18/08 11:54 18 June 2008
- Cowabunga System Daily Update: Thursday, 07/17/08 15:37 17 July 2008
Archived Comments (5)
Forex Blog: Pip My System
What's your opinion on the late downtrend? I got an indicator using your system indicating to open a short position, I did, closed out after my target was hit, but ended up leaving a bunch of pips on the table.
It was odd though, not sure why I got an indicator when the EAs hadnt crossed back down - any reason why?
Same. I've been noticing indicator going off when it's not supposed to, and not going off when it's supposed to at rare times.
How do you nearly always manage to hit your targets? eg. today at 4650. It initially hit 4650 and then retraced but yet you still manage to get out at 4650 and still retain your 'clean break' option. Maybe you could show us this on a video. Same with your entry points where you never have slippage. A lot of newbies will get disillusioned thinking you can always enter at the exact entry and always get out at your target. In my experience it is next to impossible to get out at your target without setting a limit.
Thanks again with all your help and advice. I have 1 ?. How many system would you use per pair of currency?
sinner, doogie- Often times you will leave pips on the table. Do not be tempted into thinking you should be getting more on each trade. This leads to greed which will lead to more bad than good. Stick the system and trust in it's performance. If it doesn't suit your trading style, then tweak it, test it, test it some more, test it even more....and then eventually go live.
jsd- I hardly ever get out at my exact targets. Today was an exception. I don't set hard take profit levels but rather leave my trade open as my target is hit. I wait a little bit and watch momentum on a shorter time frame before making any decisions. It just happens that I was able to pull the trigger right at my profit target after watching it hit the first time.
Gogetta- I would definitely only use 1 system per timeframe of a currency pair. If you trade more than 1 system for a given pair, make sure they are on very different time frames.