Cowabunga System Daily Update: Tuesday, 03/24/09


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Sorry for the lack of updates lately. I’m in the process of building a house so it’s been a pretty hectic month or so for me! Thanks for your patience and I hope your trading is going well!

Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :

  • 5:30am EST- UK CPI y/y
  • 5:45am EST- UK Inflation Report Hearings
  • 10:00am EST- Fed Chairman Bernanke Testifies

Today’s Surf

4:45am EST- 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 1.4673 with a stop at the most recent low at 1.4620. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4700.

Entry: Long at 1.4673

Stop: 1.4620

Target: 1.4700

5:00am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.4698.

7:00am EST- 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 1.4708 with a stop at the most recent low at 1.4641. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4750.

Entry: Long at 1.4708

Stop: 1.4641

Target: 1.4750

8:15am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.4745.

11:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.4728 with a stop at the most recent low at 1.4659. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4750.

Entry: Long at 1.4728

Stop: 1.4659

Target: 1.4750

5:00am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.4749.

entry2

Trade Result: +25 +37 +21= +83 pips (NOT INCLUDING SPREAD) R-Multiple: 0.47; 0.55; 0.30

News events to watch for tomorrow :

  • 7:00am EST- UK CBI Realized Sales
  • 8:30am EST- US Core Durable Goods Orders m/m
  • 10:00am EST- 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.

  • aprntz

    Can anyone help me understand?
    After reading about money management IV decided that opening a micro account is best for me however when I inquired further via email to FXCM, Sydney office told me that a micro account is not wise and that I should open a mini account they say micro accounts are prone to conflict of interests what ever that means the thing is I only wanted to risk initially 1000 dollars and as advised on this site micro is the way to go.

    Any comments please.

  • aprntz

    Can anyone help me understand?
    After reading about money management IV decided that opening a micro account is best for me however when I inquired further via email to FXCM, Sydney office told me that a micro account is not wise and that I should open a mini account they say micro accounts are prone to conflict of interests what ever that means the thing is I only wanted to risk initially 1000 dollars and as advised on this site micro is the way to go.

    Any comments please.