Cowabunga System Daily Update: Thursday, 05/21/09

If this is your first time visiting this blog, read this first! 

Main Trend

Current Trend

The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :

  • 4:30am EST- UK Retail Sales m/m
  • 8:30am EST- US Unemployment Claims
  • 10:00am EST- US Philly Fed Manufacturing Index

Today’s Surf

2:15am 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 1.5784 with a stop at the most recent low at 1.5754. Since I was 16 pips away from the nearest 50 or 00 level, I put my initial target at 1.5800.

Entry: Long at 1.5784 Stop: 1.5754 Target: 1.5800

2:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I managed to exit at 1.5795.

8:15am EST- This was not a signal because MACD was already positive and it was right before news.

entry2

Trade Result: +11 pips (NOT INCLUDING SPREAD) R-Multiple: 0.36

News events to watch for tomorrow:

  • 4:30am EST- UK Revised GDP q/q

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.

Forex

Forex News

Forex Reviews

Forex Trading Journal

  • O_trader

    Hi, I was just watching your video, good info on there thanks. I have one question, whats settings do you use for stocastics, macd etc for this system? Hope to hear from you soon. Cheers dude

    Omar

  • dhannan1

    Fridays can be considered “no trade day” for many Forex traders, especially the first Friday of the month. How does this system work for Fridays? I know you can usually get more erratic movements on Fridays.

  • stcary

    Hi I’d like to ask, when the trade is going long does this mean that the dollar is strong or weak against the pound? Thanks for all your efforts.

  • O_trader

    Hi, I was just watching your video, good info on there thanks. I have one question, whats settings do you use for stocastics, macd etc for this system? Hope to hear from you soon. Cheers dude

    Omar

  • dhannan1

    Fridays can be considered “no trade day” for many Forex traders, especially the first Friday of the month. How does this system work for Fridays? I know you can usually get more erratic movements on Fridays.

  • stcary

    Hi I’d like to ask, when the trade is going long does this mean that the dollar is strong or weak against the pound? Thanks for all your efforts.

  • mrcool4

    Hi Stcary..When trade is long that means Dollar is geting weak..

  • mrcool4

    Hi Stcary..When trade is long that means Dollar is geting weak..

  • kliopp

    hey pipsurfer glad you back i personally miss your explanation on the trades,yhanks man.

    my english is not very good looking

  • kliopp

    hey pipsurfer glad you back i personally miss your explanation on the trades,yhanks man.

    my english is not very good looking