Cowabunga System Daily Update: Thursday, 05/14/09



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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 :

  • 8:30am EST- US PPI m/m

Today’s Surf

3:15am EST- 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 1.5124 with a stop at the most recent high at 1.5170. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5100.

Entry: Short at 1.5124

Stop: 1.5170

Target: 1.5100

6:15am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5105.

entry2

Trade Result: +19 pips (NOT INCLUDING SPREAD) R-Multiple: 0.41

News events to watch for tomorrow :

  • 8:30am EST- US Core CPI m/m; Empire State Manufacturing Index
  • 9:00am EST- US TIC Long-Term Purchases

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.

  • phil838

    Welcome back Pip Surfer. Great update but I do have one complaint… The new music!!! I loved the old music, what happened to it??

    It just doesn’t feel like the Cowabunga update without the right music…

  • nutrader

    Hi Pip Surfer great to see you back on the blog. today was also my first cowabunga trade for several weeks which worked out same as yours. I have 2 questions. firstly do you place your stop bang on the recent swing high/low or do you allow a few pips for spread & possible turnaround, secondly i often get the entry signal at the change of candle, meaning the ma crossover appears immediately at the start of the new candle but were not crossed at close of previous candle when this happens i am not sure wether i should enter immediately. generally if i wait for the new candle to close the trade has already moved too far. Would appreciate your input

  • phil838

    Welcome back Pip Surfer. Great update but I do have one complaint… The new music!!! I loved the old music, what happened to it??

    It just doesn’t feel like the Cowabunga update without the right music…

  • new2this

    can u mentor me i am willing to pay i have been self taught all this time done countless courses and read all kind of stuff on forex i have the basic knowledge jus need someone to help me apply it and hold my hand let me know what i did wrong or rite i hear the best way is to get a mentor someone who does this for a living and been at it for awhile successfully this goes for all traders as well i need all the help i can get willing to pay please help.

  • nutrader

    Hi Pip Surfer great to see you back on the blog. today was also my first cowabunga trade for several weeks which worked out same as yours. I have 2 questions. firstly do you place your stop bang on the recent swing high/low or do you allow a few pips for spread & possible turnaround, secondly i often get the entry signal at the change of candle, meaning the ma crossover appears immediately at the start of the new candle but were not crossed at close of previous candle when this happens i am not sure wether i should enter immediately. generally if i wait for the new candle to close the trade has already moved too far. Would appreciate your input

  • new2this

    can u mentor me i am willing to pay i have been self taught all this time done countless courses and read all kind of stuff on forex i have the basic knowledge jus need someone to help me apply it and hold my hand let me know what i did wrong or rite i hear the best way is to get a mentor someone who does this for a living and been at it for awhile successfully this goes for all traders as well i need all the help i can get willing to pay please help.

  • leo_usb

    Shouldn´t this section be named “Cowabunga System MONTHLY Update”?? :-)

  • leo_usb

    I beg you pardon pip Surfer, but I fail to see a “down trend” in the main trend chart, on the contrary, I think I can see an ascending channel (which is later confirmed in ther 15 min chart,well after the news candle anyway)with RSI above 50 and stochastics heading up, and in the area that you say “trend stayed down the entire day” I actually see a trend up (a small bearish candle followed by a large bullis one). What am I missing here?
    so If any, these conditions would indicate a look for long entrys only.
    What am I missing here?

  • leo_usb

    Shouldn´t this section be named “Cowabunga System MONTHLY Update”??
    :-)

  • leo_usb

    I beg you pardon pip Surfer, but I fail to see a “down trend” in the main trend chart, on the contrary, I think I can see an ascending channel (which is later confirmed in ther 15 min chart,well after the news candle anyway)with RSI above 50 and stochastics heading up, and in the area that you say “trend stayed down the entire day” I actually see a trend up (a small bearish candle followed by a large bullis one). What am I missing here?
    so If any, these conditions would indicate a look for long entrys only.
    What am I missing here?