Cowabunga System Daily Update: Tuesday, 03/10/09
Start your own blog and share your trades at MeetPips.com
If you haven't done so already , go check out BabyPips' newest creation, FreshPips.com !
Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what's “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.
Check it out, register, and start submitting cool Forex stories today!
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 5:30am EDT- UK Manufacturing Production m/m
- 8:30am EDT- US Bernanke Speaks
Today's Surf
12:15am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.3809 with a stop at the most recent high at 1.3849. Since I was only 9 pips away from the nearest 50 or 00 level (1.3800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 40. This put my initial target at 1.3769.
Entry: Short at 1.3809
Stop: 1.3849
Target: 1.3769
12:45am EDT- My target was hit. Price didn't make a clean break so I took my final profit. I exited at 1.3775.
7:00am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.3820 with a stop at the most recent high at 1.3883. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3800.
Entry: Short at 1.3820
Stop: 1.3883
Target: 1.3800
8:15am EDT- Unfortunately I was stopped out.
Trade Result: +34 -63= -29 pips (NOT INCLUDING SPREAD) R-Multiple: 0.85; -1.00
News events to watch for tomorrow :
- 5:30am EDT- US Trade Balance
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.
Related Posts:
- Cowabunga System Daily Update: Tuesday, 03/03/09 13:27 03 March 2009
- Cowabunga System Daily Update: Thursday, 03/26/09 13:28 26 March 2009
- Cowabunga System Daily Update: Thursday, 02/05/09 13:37 05 February 2009
- Cowabunga System Daily Update: Wednesday, 02/25/09 13:41 25 February 2009
- Cowabunga System Daily Update: Wednesday, 02/11/09 14:59 11 February 2009
Archived Comments (4)
Forex Blog: Pip My System
Hi Pipsurfer,
Thanks for your longstanding good work and the time you put into this blog.
Are you going to do the videos in the blog again soon? They were nice and cool.
Regards,
Pipalot
Pipsurfer, would you enter a trade when 4 hour chart is oversold or overbought and all indicators on the 15 min chart signal a good trade? Would you enter a trade when 4 hour chart has an established trend, but 4 hour chart stochastics or rsi are moving against the trend but, 15 min chart signal a good trade? Would you enter a trade if all indicators on 15 min chart signal a valid trade opportunity and 4 hour chart has an established trend with stochastics or rsi opposed to the trend, even slightly oppsed to the trend. I've had some losing trades and I think these indicators in opposition is why I've been losing. thanks Raptor PS WHY OR WHY NOT?
Hi pipalot,
I know I've been slacking on the videos. It's been a really busy time for me but I will definitely try to get them going again. Perhaps I might switch to one video a week. Everyday was kind of daunting! :)
Hi Raptor, what you're saying makes sense in a technical sense. However, with the extensive testing that I've done with this system, it doesn't warrant a change to the rules. Once a 4hr chart has determined a valid trend change candle, then you only trade in that direction on the 15 minute chart. You continue to do this until a new trend change candle on the 4hr chart closes and is valid. Hope that helps!