Cowabunga System Daily Update: Monday, 01/26/09

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Main Trend

Current Trend= The trend remained down until 11am EDT. From 7am – 11am EDT a new trend change candle was formed and changed the trend from down to UP. After 11am EDT, the trend remained up the rest of the day.

Today I only looked for short trades until 11am EDT. After 11am EDT, I only looked for long trades.

News events to watch for today :
  • 10:00am EDT- US Existing Home Sales

Today’s Surf

12:30am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.3581 with a stop at the most recent high at 1.3677. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my target at 1.3550.

Entry: 1.3581
Stop: 1.3677
Target: 1.3550

1:00am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited right at 1.3550.

entry2

Trade Result: +31pips (NOT INCLUDING SPREAD) R-Multiple: 0.32

News events to watch for tomorrow :
  • 6:00am EDT- UK CBI Realized Sales
  • 10:00am EDT– US CB Consumer Confidence

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

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  • netcoil

    Hi, please i would like to know on which pairs the cowabunga system works perfectly for?
    Thanks a lot for the help in advance. Nice system.

  • Dow2

    GBPUSD

  • netcoil

    Hi, please i would like to know on which pairs the cowabunga system works perfectly for?
    Thanks a lot for the help in advance. Nice system.

  • Dow2

    GBPUSD

  • netcoil

    Can i also trade pairs that have low spread, between 1 – 5? or this system is just strictly for GBPUSD?
    Thanks

  • netcoil

    Can i also trade pairs that have low spread, between 1 – 5? or this system is just strictly for GBPUSD?
    Thanks

  • Dow2

    According to this blog, it is strictly to GBPUSD,
    have not under long term tested in other paris.
    Also GBPUSD is low spread between 1-5 already.

  • Dow2

    According to this blog, it is strictly to GBPUSD,
    have not under long term tested in other paris.
    Also GBPUSD is low spread between 1-5 already.

  • chamane

    I am trading GBP/JPY and it seems to be as profitable as GBP/USD.

  • midulster

    Hi Pip Surfer – will you be updating the Track Record page for 2008? Keep up the good work.

  • chamane

    I am trading GBP/JPY and it seems to be as profitable as GBP/USD.

  • midulster

    Hi Pip Surfer – will you be updating the Track Record page for 2008? Keep up the good work.