Cowabunga System Daily Update: Wednesday, 01/28/09

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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 :
  • 2:00pm EDT- US FOMC Statement

Today’s Surf

3:15am 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 1.4265 with a stop at the most recent low at 1.4208. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my target at 1.4300.

Entry: Long at 1.4265
Stop: 1.4208
Target: 1.4300

3:30am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4292.

11:00am 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 1.4336 with a stop at the most recent low at 1.4240. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my target at 1.4350.

Entry: Long at 1.4336
Stop: 1.4240
Target: 1.4350

11:15am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited right at 1.4345.

entry2

Trade Result: +27 +9= +36 pips (NOT INCLUDING SPREAD) R-Multiple: 0.47; 0.09

News events to watch for tomorrow :
  • 2:00am EDT- UK Nationwide HPI m/m
  • 8:30am EDT- US Core Durable Goods Orders m/m; Unemployment Claims
  • 10:00am EDT- US New Home Sales

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.
  • smastan

    Hi. How do you decide how close you have to be to a 00 or 50 level whether to go for the same number of PIPS you are risking? Thanks for all your help.
    SAM

  • Adamantine

    Hi Dude ! For info, what leverage do you use ?

  • Dow2

    Wow.

    Entry: Long at 1.4336
    Stop: 1.4240
    Target: 1.4350

    The space to target is 14 pips,and SL is risking 94 pips.
    Could you share the idea why didn’t use 94 pips as target as suggested by system introduction?

    Also, Seems there was a valid entry at GMT 19:00. Long, not a news bar, and it’s before EST 16:00. and seems not seen you take that entry. would be nice if you could share this success avoiding big loss order. Around -100 Pips.

    Thanks

  • Dow2

    hi Pip Surfer,
    My bad about the GMT 19:00, it’s news bar. Sorry for the wrong question.

  • smastan

    Hi. How do you decide how close you have to be to a 00 or 50 level whether to go for the same number of PIPS you are risking? Thanks for all your help.
    SAM

  • Adamantine

    Hi Dude ! For info, what leverage do you use ?

  • Dow2

    Wow.

    Entry: Long at 1.4336
    Stop: 1.4240
    Target: 1.4350

    The space to target is 14 pips,and SL is risking 94 pips.
    Could you share the idea why didn’t use 94 pips as target as suggested by system introduction?

    Also, Seems there was a valid entry at GMT 19:00. Long, not a news bar, and it’s before EST 16:00. and seems not seen you take that entry. would be nice if you could share this success avoiding big loss order. Around -100 Pips.

    Thanks

  • Dow2

    hi Pip Surfer,
    My bad about the GMT 19:00, it’s news bar. Sorry for the wrong question.

  • chiboy

    your sl don’t suppose to be50 pips then your tp will be 60 or above that my own suggestion thanks

  • chiboy

    your sl don’t suppose to be50 pips then your tp will be 60 or above that my own suggestion thanks