Cowabunga System Daily Update: Wednesday, 01/07/09

Posted 13:40 07 January 2009 | 5


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 up the entire day


Today I only looked for long trades.


News events to watch for today :


  • 8:15am EDT- US ADP Non Farm Employment


Today's Surf


12:30am 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 1.4916 with a stop at the most recent swing low at 1.4881. Since I was 34 pips away from the nearest 50 or 00 level, I put my initial target at 1.4950.


Entry: Long at 1.4916

Stop: 1.4881

Initial Target: 1.4950


2:45am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4940.


5:45am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.4925 with a stop at the most recent swing low at 1.4802. Since I was 25 pips away from the nearest 50 or 00 level, I put my initial target at 1.4950.


Entry: Long at 1.4925

Stop: 1.4802

Initial Target: 1.4950


6:45am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4944.


entry2


Trade Result: +24 +19= +43 pips (NOT INCLUDING SPREAD) R-Multiple: 0.68; 0.15


News events to watch for tomorrow :


  • 7:00am EDT- UK Official Bank Rate

  • 8:30am EDT- US Unemployment Claims


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.

Comments (5)

Pip surfer, I was able to catch the first wave last night ( 26 pips ), sweet, but alas I have a job and live in the Mountain time zone, so off to bed I went. I am following the entry and exits fine, but coming up with a way to decide how much to trade on each entry is problematic. I don’t like to risk more than 1-2% on any trade and since the stops on the system can be large or small compared to the target, I am struggling to come up with a money management that makes sense. Got any great ideas?
eaglemtnmike | Posted 19:22 07 January 2009
hi eaglemtnmike, do a web search for "fx risk calculator" and then you'll get some good free tools for risk management.
xerof__the_trader | Posted 00:42 08 January 2009
Hi Pip Surfer, I dont understand, your second long trade on the 7th. Entry was 1.4925, stop was a whopping 1.4810 the most recent swing low (115 pips) and exit was 25 pips above your entry. It seems that the risk here is huge!!! Please explain. Thanks, Struggling
prosenberg | Posted 09:13 08 January 2009
I have been studying Forex for about 3 1/2 years and I know the biggest challenge is and always has been the emotional part of trading. If you can grasp that the rest is very teachable. The last 2 days and also today (Thursday) there was potential for 100's of pips, but the last 2 day the MACD didn't line up so we didn't get into the trade and also today there was a announcement so I didn't get in the trade. I understand the announcements, I have seen it go both ways many times and it is a gamble if you enter a trade. The last two days, 2 out of 3 indicators were good and the trade went over 100 pips in our favor. First, honestly, does it bother you when you see all those pips lost when only 1 indicator was off and you probably thought it was a good trade but we didn't enter. Second, can you talk briefly on the emotion aspect and how you handle it. It does both me and I am trading live finally. I just always ask myself, "am I in it for the long haul or am I just playing? If I am in it for the long haul, then there is always another day and another trade...don't get greedy" Thanks and you are doing a great job, we really appreciate the time you put in for us!
dhannan1 | Posted 10:26 08 January 2009
Hi pip Surfer, I have a similar question re news announcements that are relevant more to todays line up than yesterdays. the market was flat all day which sometimes it is prior to a big news announcement which came with the Interest rate decision, and then we saw it take off. Prior to that there seemed to be 2 clear signals where the Indicators all lined up and which would have resulted in losses had they been taken. I didn't trade because "I didnt like the look of the market" in particular the fact it was flat, but that was a very subjective decision and I accept that once we go down the path of not trading because we don't like the look of it, we will end up missing trades and effectively not following the rules. How do you deal with this? do you trade all signals irrespective of how the underlying market looks? Do you have a rule may be of thumb that deals with times of little momentum? Hope you can help Kind regards Mark
markr | Posted 11:46 08 January 2009

Post a Comment

Oh snap! You need to be signed in to post comments! If you're already a BabyPips.com member, please sign in. If you aren't part of our ridiculously cool club, please register. It's free! And cool.

Forex Blog: Pip My System

"Rule number one is, don't sweat the small stuff. Rule number two is, it's all small stuff."
Robert Eliot
Clicky Web Analytics
Feedback Form