Cowabunga System Daily Update: Friday, 05/15/09



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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :

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

Today’s Surf

12:45am 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 1.5227 with a stop at the most recent low at 1.5213. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5250.

Entry: Long at 1.5227

Stop: 1.5213

Target: 1.5250

2:00am EST- Unfortunately I was stopped out of my trade.

3:45am 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 1.5237 with a stop at the most recent low at 1.5177. Since I was 13 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5250.

Entry: Long at 1.5237

Stop: 1.5177

Target: 1.5250

5:00am EST- Unfortunately I was stopped out of my trade.

entry2

Trade Result: -14 -60= -74 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; -1.00

News events to watch for Monday :

  • None

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.

  • pipsprof.

    Hello pipsurfer,welcome back! Just want to let u know some few things i think about this your system.The market is very choppy nowadays as a result of high liquidity.AS at the time you were entering the long trade,if u had taken these few facts into consideration,maybe it could have saved you some precious pips.1,on the H4 chart,u can see a newly broken rising trendline,suggesting that the rising channel will be a big obstacle for ur trade to develop when the market was just taking a breather,2.it will also make ur trade a lot more attractive if u incorporate the classical Fibonacci retracement ratios,so that u can from the 4h chart,know potential possible reversal points,b4 pressing ur trigger.3,I think it is also wise to know the overall trend whether we are in risk averse mode or risk tolerant mode of the other correlating correncies,b4 we place our trades.I believe if you had been careful to avoid the uptrend line obstacle the other time,and waited for it to break in properly,you would have won that trade.Just what i feel though,am not critisicing ur method.Hope we all win alot of pips ahead.Thanks.

  • new2this

    i know this goes against yr rules abit but they say to buy the pull back,do u think if we wait for that then get in we can have a better momentum in our favor?i know sometime u jus have a take off and no retracement and yr target is hit which is great but at times i see the pull back stop u out jus asking yr opinion,and also i notice on the four hour chart when the stochs are in over bought/sold and we are going in a certain direction we dont have as much momentum and sometimes we get a valid signal but the trade does dont go in our favor too far bcuz the 4hr is over bought and turning on us what u think?

  • pipsprof.

    Hello pipsurfer,welcome back! Just want to let u know some few things i think about this your system.The market is very choppy nowadays as a result of high liquidity.AS at the time you were entering the long trade,if u had taken these few facts into consideration,maybe it could have saved you some precious pips.1,on the H4 chart,u can see a newly broken rising trendline,suggesting that the rising channel will be a big obstacle for ur trade to develop when the market was just taking a breather,2.it will also make ur trade a lot more attractive if u incorporate the classical Fibonacci retracement ratios,so that u can from the 4h chart,know potential possible reversal points,b4 pressing ur trigger.3,I think it is also wise to know the overall trend whether we are in risk averse mode or risk tolerant mode of the other correlating correncies,b4 we place our trades.I believe if you had been careful to avoid the uptrend line obstacle the other time,and waited for it to break in properly,you would have won that trade.Just what i feel though,am not critisicing ur method.Hope we all win alot of pips ahead.Thanks.

  • new2this

    i know this goes against yr rules abit but they say to buy the pull back,do u think if we wait for that then get in we can have a better momentum in our favor?i know sometime u jus have a take off and no retracement and yr target is hit which is great but at times i see the pull back stop u out jus asking yr opinion,and also i notice on the four hour chart when the stochs are in over bought/sold and we are going in a certain direction we dont have as much momentum and sometimes we get a valid signal but the trade does dont go in our favor too far bcuz the 4hr is over bought and turning on us what u think?

  • Pipenstien

    cowabunga has been taking a beating these first to weeks of may, now more than ever it takes discipline to stay true to the system :-)

  • Pipenstien

    cowabunga has been taking a beating these first to weeks of may, now more than ever it takes discipline to stay true to the system :-)