Cowabunga System Daily Update: Wednesday, 02/25/09


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Main Trend

Current Trend= The trend remained up until 7am EDT. From 3am – 7am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 7am EDT, the trend remained down the rest of the day.

Today I only looked for long trades until 7am EDT. After 7am EDT, I only looked for short trades.

News events to watch for today :

  • 4:30am EDT- UK Revised GDP
  • 10:00am EDT- US Existing Home Sales

Today’s Surf

12:00am 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 1.4535 with a stop at the most recent low at 1.4498. Since I was 15 pips away from the nearest 50 or 00 level, I put my initial target at 1.4550.

Entry: Long at 1.4535

Stop: 1.4498

Target: 1.4550

2:15am EDT- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.4553.

entry2

Trade Result: +18 pips (NOT INCLUDING SPREAD) R-Multiple: 0.48

News events to watch for tomorrow :

  • 2:00am EDT- UK Nationwide HPI
  • 8:30am EDT- US Initial 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.

Forex Reviews

  • MajorPips

    Dude,

    That sucks being a Cable trader and missing today’s down move. 18 long pips are great, but Cowabunga man!! What happend? Not awake at 0430 and no alert set??

  • MajorPips

    Dude,

    That sucks being a Cable trader and missing today’s down move. 18 long pips are great, but Cowabunga man!! What happend? Not awake at 0430 and no alert set??

  • rctryon

    I’ve been using your system for about a week now and if you follow what you say about your system you can go against the trend.Just because the trend is up doesn’t mean you can’t place a short trade it works in either direction as long as all the indicators line up but I’m sure you know that.Just today I made 28 pips. I’ve also back tested it and if all the indicators line up most times it is profitable.Thanks for the system it seems to work so I will keep using it.