Cowabunga System Daily Update: Thursday, 01/29/09

Posted 14:06 29 January 2009 | 12

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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 :
  • 2:00am 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

Today's Surf

5:00am 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.

10:45am 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 1.4321 with a stop at the most recent low at 1.4229. Since I was 29 pips away from the nearest 50 or 00 level, I decided to put my target at 1.4350.

Entry: Long at 1.4321
Stop: 1.4229
Target: 1.4350

12:00pm EDT- Unfortunately I was stopped out of my trade.

entry2

Trade Result: -92 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00

News events to watch for tomorrow :
  • 8:30am EDT- US Advance GDP q/q
  • 9:45am EDT- US Chicago PMI
  • 9:55am EDT- US Revised UoM Consumer Sentiment

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 (12)

i got it ,too.at least a know i follow the your system right
kliopp | Posted 14:58 29 January 2009
Hi Pip Surfer ! What leverage do you use ?
Adamantine | Posted 17:20 29 January 2009
you have to realize something (that turned into unprofitable trades), cable broke a previous high and came right back down in 4hr chart. you should have careful to trade when going long you have strong resistance. because your system is not an ea. you should take into account support and resistance and how price moves around that area. you would have yourself save money. you also see that cable couldnt break 1.4400 marks another indication the long move lot it steam time you entering trades.
nabil114 | Posted 19:28 29 January 2009
you have to realize something (that turned into unprofitable trades), cable broke a previous high and came right back down in 4hr chart. you should have careful to trade when going long you have strong resistance. because your system is not an ea. you should take into account support and resistance and how price moves around that area. you would have saved yourself money. you also see that cable couldnt break 1.4400 marks another indication the long move bullish is not there.
nabil114 | Posted 19:30 29 January 2009
Hi Nabil,

You have to realize that the Cowabunga system is eduacational to show noobs the mechanics of trading and shouldn't be considered to be a pure signal service.

I don't think PipSurfer's target audience (those who are just learning forex) are sophisticated to see that while the overall trend remained up on the 4 hour chart it was heading (down violently) towards a 4HR EMA Crossover.
When you add that to the fact that the cable has been unable to stay above 1.4350 for more than 15 minutes over the past few days there is a lowered expectation that comes with the systems general effectiveness.

Having said all of this, I still think its good for brand-noobs to go through the motions and get the mechanics of the system down as it is generally profitable when combined with knowledge of S+R zones plus, decent broker spread and adeptness with one's order-entry-system.
therbcoe | Posted 23:02 29 January 2009
i was thinking that if Cowabunga uses the system then should take other thing to factor. i dont use it as my system. i follow it. i am learning in the process. i just use s+r lines to scalp. it is for my friend. he has hard time going beyond systematic trade - he need someone feed info to him so i am looking for that. because he trades it without using an ea he should take other thing in factor price action so he get better results and realize why he should gone long. there was aggressive resistance which big money making stay in that area and so there no point of going long.
nabil114 | Posted 18:48 30 January 2009
To see that while the overall trend remained up on the 4 hour chart it was heading (down violently) towards a 4HR EMA Crossover is easier to check and realize and noobs should catch on that and be hesitant to trade. i am not questioning overall effectiveness but if there to make the trade you should take other thing into factor if you are going to write about.
nabil114 | Posted 18:57 30 January 2009
damn it, why doesn't he take trades when macd is already positive, as you can see in both cases, macd illustration of price action on 15 min. showed that the first uptrend which he sat on the side lines for probbably like 200+ pips (was just taking a breather and upside momentum continued) 15min, always do this its high probability. please pip surfer, altleast put a trailing buy stop in above the previous candles high and get stopped in. we gotta capitalize on these moves that macd rule seriously is limiting performance. either trade macd fresh (0) line cross or just accept strong momentum from a lower time frame as entry signal.
dsnow1226 | Posted 10:41 31 January 2009
Hello, Where can i get the EMA and how can i install it in my plateform? Thank You
milton12jur | Posted 10:56 31 January 2009
For me i thinks this system were great, althought for this time they were in the loss part,we should respect how the owner of this system trade,Trading Forex is a never ending education so just combine it with your experience...
ss33434 | Posted 10:01 01 February 2009
Hi dsnow1226..the Cowabunga is quite profitable, pip surfer has proven that over the past few years, if you wish to take trade when the MACD is already green then you should give it a ago, you can always add or subtract a few "flexible discretion" to fit your personality/trading system.
TuanNgo | Posted 06:09 02 February 2009
Funny people telling him what to do, when he's been using this, profitable for years, while the people telling him what to do are probably blowing account after account.
doogie88 | Posted 01:45 03 February 2009

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