Cowabunga System Daily Update: Thursday, 02/12/09


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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

2:45am 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 1.4351 with a stop at the most recent high at 1.4400. Since I was only 1 pip away from the nearest 50 or 00 level (1.4350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 49. This put my initial target at 1.4402 or just to round things off– right at 1.4400.

Entry: Short at 1.4351

Stop: 1.4400

Target: 1.4300

3:15am EDT- My target was hit. Price made a clean break so I moved my stop to 1.4300 and set my next target at 1.4250. During this same candle, my 2nd target was hit at 1.4250. This time, price did not make a clean break so I took my final profit. I exited at 1.4250.

9:45am 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 1.4203 with a stop at the most recent high at 1.4267. Since I was only 3 pips away from the nearest 50 or 00 level (1.4200), I decided to go for the same amount of pips I was risking on the trade, which in this case was 64. This put my target at 1.4139.

Entry: Short at 1.4203

Stop: 1.4267

Target: 1.4139.

10:45am EDT- Unfortunately I was stopped out of my trade.

entry2

Trade Result: +101 -64= +37 pips (NOT INCLUDING SPREAD) R-Multiple: 2.06; -1.00

News events to watch for tomorrow :

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

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  • Tightfxtrdr

    Hi Pipsurfer,
    Top of the day to you, i have a question to ask and it goes thus if the RSI,the Stoch and the 5 EMA is trending down for instance for a short and the MACD is already negative can one still use this signal as a valid entry.
    Thanks,
    Tightfxtrdr

  • Tightfxtrdr

    Hi Pipsurfer,
    Top of the day to you, i have a question to ask and it goes thus if the RSI,the Stoch and the 5 EMA is trending down for instance for a short and the MACD is already negative can one still use this signal as a valid entry.
    Thanks,
    Tightfxtrdr

  • ForexKerry

    I have used a system similar to this for a while but refining my numbers to match this system has really helped. I work full time approx 12 hours per day; and trade while I am working.. Using this system I pulled +112 pips last week.. I have always believed in the KISS system of doing things.. I appreciate your time and efforts in sharing this system. Forexkerry@gmail.com

  • ForexKerry

    I have used a system similar to this for a while but refining my numbers to match this system has really helped. I work full time approx 12 hours per day; and trade while I am working.. Using this system I pulled +112 pips last week.. I have always believed in the KISS system of doing things.. I appreciate your time and efforts in sharing this system. Forexkerry@gmail.com