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.

entry2

Trade Result: +11 pips (NOT INCLUDING SPREAD) R-Multiple: 0.18

News events to watch for tomorrow :

For a complete list of news events check out our News Section

Questions? Read the Cowabunga FAQ.

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  • patmcc88

    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

  • SFlom

    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!!

  • patmcc88

    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

  • Sinnerman49

    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.

  • SFlom

    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!!

  • Diggity18

    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.

  • Sinnerman49

    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.

  • Diggity18

    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.

  • komissar

    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!

  • komissar

    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!