Cowabunga System Daily Update: Tuesday, 12/30/08

Sorry no video today. My voice is completely gone!

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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 :
  • 10:00am EDT- US CB Consumer Confidence

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 went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.4467 with a stop at the most recent swing high at 1.4512. Since I was 17 pips away from the nearest 50 or 00 level, I put my initial target at 1.4450.

Entry: Short at 1.4467

Stop: 1.4512

Initial Target: 1.4450

1:15am EDT- My target was hit. Price made a clean break so I moved my stop to 1.4450 and set my next target for 1.4400.

1:30am EDT- Unfortunately I was stopped out at 1.4450.

6:45am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.4492 with a stop at the most recent swing high at 1.4548. Since I was 42 pips away from the nearest 50 or 00 level, I put my initial target at 1.4450.

Entry: Short at 1.4492

Stop: 1.4548

Initial Target: 1.4450

8:00am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4455.

10:30am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.4447 with a stop at the most recent swing high at 1.4520. Since I was 47 pips away from the nearest 50 or 00 level, I put my initial target at 1.4400.

Entry: Short at 1.4447

Stop: 1.4520

Initial Target: 1.4400

11:00am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4407.

entry2

Trade Result: +17 +37 +40= +94 pips (NOT INCLUDING SPREAD) R-Multiple: 0.37; 0.66; 0.54

News events to watch for tomorrow :
  • No trading tomorrow or New Years Day- Too many bank holidays!

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.
  • pipsprof.

    Hello Mr.Cowabunga,I have been following your trades carefully now since April,and your system is the best so far I have used,thanks.I am able to get trade profitably now.

  • pipsprof.

    Hello Mr.Cowabunga,I have been following your trades carefully now since April,and your system is the best so far I have used,thanks.I am able to get trade profitably now.

  • raymondc

    Hi Mr Cowabunga, thanks alot for this wonderful trading strategy. However,I do have two questions, hope you can help. Question 1: Do we actually place our stop loss into the system or we have a mental stop loss. My concern is if we place the stop loss to close, the floor trader may just stop us out.

    Questions 2: The target profit, is it also mental target profit or actual target profit place into the system.

    Thank you

  • raymondc

    Hi Mr Cowabunga, thanks alot for this wonderful trading strategy. However,I do have two questions, hope you can help. Question 1: Do we actually place our stop loss into the system or we have a mental stop loss. My concern is if we place the stop loss to close, the floor trader may just stop us out.

    Questions 2: The target profit, is it also mental target profit or actual target profit place into the system.

    Thank you

  • verbtheory

    hey thanks for recording these, just wondering what broker do you use? also what do you think of the wider spreads during this time frame, will they settle out as the year goes on?

  • verbtheory

    also how do you setup your trend change candle in xtick, i noticed they are blue?

    thanks a lot, this is awesome.

  • verbtheory

    hey thanks for recording these, just wondering what broker do you use? also what do you think of the wider spreads during this time frame, will they settle out as the year goes on?

  • verbtheory

    also how do you setup your trend change candle in xtick, i noticed they are blue?

    thanks a lot, this is awesome.

  • Diggity18

    Pip Surfer, Ive been reviewing your system since September and it seems you have acheived amazing results. Now the year is out, what were your 08 results?

    Keep up the great work Pip Surfer, I love your system.

  • Diggity18

    Pip Surfer, Ive been reviewing your system since September and it seems you have acheived amazing results. Now the year is out, what were your 08 results?

    Keep up the great work Pip Surfer, I love your system.