Cowabunga System Daily Update: Tuesday, 03/03/09


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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 :

  • None

Today’s Surf

9:30am 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 1.4048 with a stop at the most recent high at 1.4131. Since I was 48 pips away from the nearest 50 or 00 level, I put my initial target at 1.4000.

Entry: Short at 1.4048

Stop: 1.4131

Target: 1.4000

11:00am EDT- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.4005.

entry2

Trade Result: +43 pips (NOT INCLUDING SPREAD) R-Multiple: 0.52

News events to watch for tomorrow :

  • 4:30am EDT- UK Services PMI
  • 8:15am EDT- US ADP Non-Farm Employment Change
  • 10:00am EDT- US ISM Non-Manufacturing PMI

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.

  • rowfly

    I took the same trade and got 42 pips.

  • rowfly

    one other thing I won’t to ask you, Have you noticed that
    the gbp/usd and eur/usd almost always mirror each other? Im sure you have, but I was just wondering..

  • rowfly

    I took the same trade and got 42 pips.

  • rowfly

    one other thing I won’t to ask you, Have you noticed that
    the gbp/usd and eur/usd almost always mirror each other? Im sure you have, but I was just wondering..

  • xkuba

    Guys why did you take this trade? It was right before pending home sales and bernanke speech.

  • xkuba

    Guys why did you take this trade? It was right before pending home sales and bernanke speech.

  • relu

    Hi, body…
    your system is amasing…it seems to work 99% of the time…I have a question, and I would appreciate if you could illuminate me…you trade only gbp/usd..the only problem is that I live in canada, and the most profitable trades are in the night, mostly around 4.00 am when everybody sleeps…could you help me with the method of how do you know when the indicator reach the expected value (RSI50, Stochastic trending down/up, MACD losing/gaining value)?
    Thank you for your support!
    Regards,
    Relu
    relug2002@yahoo.ca

  • relu

    Hi, body…
    your system is amasing…it seems to work 99% of the time…I have a question, and I would appreciate if you could illuminate me…you trade only gbp/usd..the only problem is that I live in canada, and the most profitable trades are in the night, mostly around 4.00 am when everybody sleeps…could you help me with the method of how do you know when the indicator reach the expected value (RSI50, Stochastic trending down/up, MACD losing/gaining value)?
    Thank you for your support!
    Regards,
    Relu
    relug2002@yahoo.ca

  • pipalot

    Folks, please only post relevant comments, thanks.

    To Relu:
    Try looking in the appropriate thread on babypips, it is the thread devoted to the Cowabunga indicator which I was involved in creating.

    Thanks for your good work Pipsurfer…the videos are great (more please). Regards, Pipalot

  • pipalot

    Folks, please only post relevant comments, thanks.

    To Relu:
    Try looking in the appropriate thread on babypips, it is the thread devoted to the Cowabunga indicator which I was involved in creating.

    Thanks for your good work Pipsurfer…the videos are great (more please). Regards, Pipalot