Cowabunga System Daily Update: Monday, 01/05/09
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Main Trend
Current Trend= The trend remained up the entire day
Today I only looked for long trades.
News events to watch for today :
- None
Today's Surf
12:00, 12:45am EDT- There was a moving average crossover for a long trade. RSI was greater than 50 but Stochastics were trending down and MACD was already positive. No entry.
5:15am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were trending down. No entry.
9:00am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.4534 with a stop at the most recent swing low at 1.4473. Since I was 16 pips away from the nearest 50 or 00 level, I put my initial target at 1.4550.
Entry: Long at 1.4534
Stop: 1.4473
Initial Target: 1.4550
9:30am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4545.
Trade Result: +11 pips (NOT INCLUDING SPREAD) R-Multiple: 0.18
News events to watch for tomorrow :
- 2:00am EDT- UK Nationwide HPI m/m
- 4:30am EDT- UK Services PMI
- 10:00am EDT- US ISM Non-Manufacturing PMI; Pending Home Sales m/m;
- 2:00pm EDT- US FOMC Meeting Minutes
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: Tuesday, 01/06/09 14:26 06 January 2009
- Cowabunga System Daily Update: Thursday, 01/15/09 13:32 15 January 2009
- Cowabunga System Daily Update: Tuesday, 12/09/08 20:05 09 December 2008
- Cowabunga System Daily Update: Thursday, 01/08/09 13:45 08 January 2009
- Cowabunga System Daily Update: Wednesday, 01/07/09 13:40 07 January 2009
Archived Comments (5)
Forex Blog: Pip My System
Have you removed your 2nd 3rd and 4th of January from your 4hour charts. I was seeing Short trades all day until 11am (EST). Made 11pips aswell funnily enough just in the opposite direction. Any reason why these days are missing from your charts? Hope you hada good holiday dude. Later
Thanks for all the info on this site. Can you or someone please post the exact metrics for your indicators? I'd like to set them up in my charting software- I'm using FOREX.com demo account online charting software. Thanks a ton!!
Im really curious if you could explain the mechanics behind how you close your trades. Am I doing it correctly? I open a position, and if it gets near my target I watch it.
When it breaches my target, I'm waiting for it to begin to reverse, if it reverses and begins to dip down I close my position when it re-hits my target.
If by "Clean-Break" you mean that it passes your target, and stays past, then I think I understand.
Thanks for all your hard work! Keep it up, I just started using your system (And FOREX) and I'd like to follow along with you.
I thought the main trend was short at the beginning of the day as well.
Just want confirmation on my train of thought. I entered a short trade and had my limit at the nearest 50 level. Now during the next live candle my limit was hit but i waited for the candle to finish. It finished back near my entry so I took the profit because it didnt make a clean break of the 50 level. So I have taken profit earlier or was i correct to wait for the candle to finish before exiting the market.
I must admit - I did not believe your system today, for the first time! As result, I was punished - missed good chunk of pips, about 120. Forgive me, Master!