Cowabunga System Daily Update: Monday, 05/18/09

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Main Trend

Current Trend

The trend remained down until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from down to UP. After 8am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.

News events to watch for today:

None

Today’s Surf

2:30am 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 1.5132 with a stop at the most recent high at 1.5169. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5100.

Entry: Short at 1.5132 Stop: 1.5169 Target: 1.5100

3:15am EST- Unfortunately I was stopped out of my trade.

entry2

Trade Result: -37 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00

News events to watch for Monday :

  • 4:30am EST- UK CPI y/y
  • 5:00am EST- EU German ZEW Economic Sentiment (This may be a factor tomorrow)
  • 8:30am EST- US Building Permits

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forex Forums.

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2 comments

  1. new2this

    hi pips surfer i think yr great man as for what u give us new traders, i have done all kinds or research online and people trying to sell u the most basic info for an arm and leg jus want everyone to know this site is the best out there believe me i have done the research.and paid the price.lol. can u please contact me personally i want to ask u a question really important.my email is sean_1977@comcast.net look forward to hear from u soon thanks again.

    Reply
  2. new2this

    hi pips surfer i think yr great man as for what u give us new traders, i have done all kinds or research online and people trying to sell u the most basic info for an arm and leg jus want everyone to know this site is the best out there believe me i have done the research.and paid the price.lol. can u please contact me personally i want to ask u a question really important.my email is sean_1977@comcast.net look forward to hear from u soon thanks again.

    Reply

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