Cowabunga System Daily Update: Thursday, 01/08/09

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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 :

  • 7:00am EDT- UK Official Bank Rate
  • 8:30am EDT- US Unemployment Claims

Today’s Surf

1:30am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.

4:00am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.

5:45am 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. This cancelled out the signal and I did not enter.

entry2

Trade Result: +0 pips R-Multiple: N/A

News events to watch for tomorrow :

  • 4:30am EDT- UK Manufacturing Production m/m; PPI Input m/m
  • 8:30am EDT- US Non-Farm Employment Change; Unemployment Rate

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.

  • verbtheory

    Hey pip surfer, the 5:45am EST crossover on my MACD (12, 26, 9) was negative and increasing towards positive on my chart and hadnt entered positive territory. I also took the 4am EST trade and made 31 pips but I think I read the candle where the crossover occurred as opposed to the next candle.
    Entry: 1.5070
    Stop: 1.5025
    Take Profit: 1.5100 (height of the candle)

    Did I do something wrong?

    Here’s my journal:
    9:02am GMT: moving average cross, RSI above 50, stochs both moving up, MACD negative but increasing positive. Time to go long at 1.5058.
    Entry: 1.5058
    Stop: 1.4981
    Take Profit: targeted for 1.5100 (another tp in this range like the one above)
    9:09 GMT: price moved up to my TP target and hovered slightly breaking it by 3 pips but didnt really clean break it so I close out the trade at my set TP level 1.5100. A gain of +42 PIPS!

  • therbcoe

    Hi verbtheory …
    It might be because Pipsurfer got his signal at 4 EST and was waiting for the close of the 4:00 (15min) Candle to enter at 4:15.
    Surfer — correct me if I’m wrong.

    Like Verbtheory I got the signal on the 3:45 (15min) Candle (at 3:58). I consulted my cheat-sheet outlining Surfer’s Rules and everything lined up.
    My time of entry was 4:02.
    I took 41 Pips after the spread.
    Hhhmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm…..

  • verbtheory

    Hey pip surfer, the 5:45am EST crossover on my MACD (12, 26, 9) was negative and increasing towards positive on my chart and hadnt entered positive territory. I also took the 4am EST trade and made 31 pips but I think I read the candle where the crossover occurred as opposed to the next candle.
    Entry: 1.5070
    Stop: 1.5025
    Take Profit: 1.5100 (height of the candle)

    Did I do something wrong?

    Here’s my journal:
    9:02am GMT: moving average cross, RSI above 50, stochs both moving up, MACD negative but increasing positive. Time to go long at 1.5058.
    Entry: 1.5058
    Stop: 1.4981
    Take Profit: targeted for 1.5100 (another tp in this range like the one above)
    9:09 GMT: price moved up to my TP target and hovered slightly breaking it by 3 pips but didnt really clean break it so I close out the trade at my set TP level 1.5100. A gain of +42 PIPS!

  • therbcoe

    Hi verbtheory …
    It might be because Pipsurfer got his signal at 4 EST and was waiting for the close of the 4:00 (15min) Candle to enter at 4:15.

    Surfer — correct me if I’m wrong.

    Like Verbtheory I got the signal on the 3:45 (15min) Candle (at 3:58). I consulted my cheat-sheet outlining Surfer’s Rules and everything lined up.

    My time of entry was 4:02.

    I took 41 Pips after the spread.

    Hhhmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm…..

  • markr

    Hi Pip Surfer,

    Ive checked my charts against yours and my Indicators seem to be out. Ive actually posted a copy of my chart on the Forum and my settings seem to be right but the visuals wrong. The main problem seems to be the MACD which is showing negative as opposed to yours being positive. I notice that verbtheory has posted a similar situation. Hope you can help
    Kind regards,Mark

  • vriesde1

    My macd’s weren’t positive as well…

  • markr

    Hi Pip Surfer,

    Ive checked my charts against yours and my Indicators seem to be out. Ive actually posted a copy of my chart on the Forum and my settings seem to be right but the visuals wrong. The main problem seems to be the MACD which is showing negative as opposed to yours being positive. I notice that verbtheory has posted a similar situation. Hope you can help
    Kind regards,Mark

  • vriesde1

    My macd’s weren’t positive as well…

  • MaoriPip

    Kia Ora Pip Surfer, I am going to ask a question that I am sure you have been asked before, but here it goes anyway. What sofware/platform are you trading with? I am with GFT and I am not able to move forward candle by candle like you do on your videos. Hope you can help me out. I have traded your system successfully for 4 months now and alongside of Nick B’s approach, I am not making pips. My demo account has taken a back seat.

  • MaoriPip

    Kia Ora Pip Surfer, I am going to ask a question that I am sure you have been asked before, but here it goes anyway. What sofware/platform are you trading with? I am with GFT and I am not able to move forward candle by candle like you do on your videos. Hope you can help me out. I have traded your system successfully for 4 months now and alongside of Nick B’s approach, I am not making pips. My demo account has taken a back seat.

  • zoreli

    Using this great system I manage to triple my demo account within 6 weeks. I encounter only a few small losses and some of my winners where quite big.

    I use this system not only with GBP/USD but also with GBP/JPY and GBP/CHF, and it worked great for me.

    After locking my profit, I used trailing stop of 15 pips and this way some of my profits become very big.

    Next week I will reset my demo account and try to implement scaling in and scalling out from my positions.

    Hopefully that might improve the overall results, we will see…that’s why the demo account is for, to perform testing.

    Thanks for sharing this great system, hopefully you will decide to share with us more systems like this or to learn us more about developing sucessful forex trading systems.

    Regards, Zoreli

  • zoreli

    Using this great system I manage to triple my demo account within 6 weeks. I encounter only a few small losses and some of my winners where quite big.

    I use this system not only with GBP/USD but also with GBP/JPY and GBP/CHF, and it worked great for me.

    After locking my profit, I used trailing stop of 15 pips and this way some of my profits become very big.

    Next week I will reset my demo account and try to implement scaling in and scalling out from my positions.

    Hopefully that might improve the overall results, we will see…that’s why the demo account is for, to perform testing.

    Thanks for sharing this great system, hopefully you will decide to share with us more systems like this or to learn us more about developing sucessful forex trading systems.

    Regards, Zoreli

  • therbcoe

    MarioPip — while there are occasional discrepancies I will absolutely attest that the Cowabunga system consistently delivers profit.

    Like you I have been following the system for several months.

    I started with Paper trading for a full month — ended up with a positive balance (paper of course)
    From there I moved on to a Micro Demo account to work out the true-life logistics like my fiancee complaining about alarms in the middle of the night and entering orders while half-asleep
    Ended the month with a positive balance.
    I have recently gone live with a Nano account (10nth of a micro).
    The month is only a third over but already my account balance is positive.

    Follow the rules and work out the kinks your trading record will speak out for itself.

  • therbcoe

    MarioPip – I will have to agree with you about Nick B’s method.
    I have been following the rules as outlined in his e-book but it is not working very well for me. (Demo)

  • therbcoe

    MarioPip — while there are occasional discrepancies I will absolutely attest that the Cowabunga system consistently delivers profit.

    Like you I have been following the system for several months.

    I started with Paper trading for a full month — ended up with a positive balance (paper of course)

    From there I moved on to a Micro Demo account to work out the true-life logistics like my fiancee complaining about alarms in the middle of the night and entering orders while half-asleep
    Ended the month with a positive balance.
    I have recently gone live with a Nano account (10nth of a micro).
    The month is only a third over but already my account balance is positive.

    Follow the rules and work out the kinks your trading record will speak out for itself.

  • komissar

    I was observing your posts s for couple months, and you proved your system is working profitably. My problem is discipline and itchy fingers. Finally, I was able keep myself on a leash, and I followed your system precisely. The result is 57 pips. Thank you very match, and carry on, Pip Surfer!

  • asyidiq73

    Hi, in exiting the trade, what momentum to watch for? is it watching the candle up down motions?

  • komissar

    I was observing your posts s for couple months, and you proved your system is working profitably. My problem is discipline and itchy fingers. Finally, I was able keep myself on a leash, and I followed your system precisely. The result is 57 pips. Thank you very match, and carry on, Pip Surfer!

  • asyidiq73

    Hi, in exiting the trade, what momentum to watch for? is it watching the candle up down motions?