Cowabunga System Daily Update: Tuesday, 06/09/09

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

I’ve been sick and my voice is not up to par so I apologize for no videos as of late, but I’ll be back once I get better!

Main Trend

Current Trend

The trend stayed down until 4am EST. From 12am – 4am EST a new trend change candle formed and changed the trend from down to UP. After 4am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 4am EST. After 4am EST, I only looked for long trades.

News events to watch for today :

  • 4:30am EST- DCLG UK House Prices

Today’s Surf

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 1.6141 with a stop at the most recent low at 1.6077. Since I was only 9 pips away from the nearest 50 or 00 level (1.6150) I decided to go for the same amount of pips I was risking on the trade, which in this case was 64. This put my initial target at 1.6205.

Entry: Long at 1.6141 Stop: 1.6077 Target: 1.6205

8:45am EST- My target was hit. Price made a clean break so I moved my stop to 1.6205 and set my next target for 1.6250.

9:00am EST- Unfortunately I got stopped out at my initial target at 1.6250.

entry2

Trade Result: +64 pips (NOT INCLUDING SPREAD) R-Multiple: 1.00

News events to watch for tomorrow:

  • 4:30am EST- UK Manufacturing Production m/m
  • 8:30am EST- US Trade Balance
  • 2:00pm EST- US Beige Book

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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  • bradleyouellette

    Loving this so much. I finished the Baby Pips school a short time ago, and loved your systems simplicity, and have been practicing it for the past 2 weeks. After my first 2 weeks of practice trading I’m up 50 pips which i find amazing and am looking forward to keep practicing until i go live.

    The one question that is constantly on my mind is that why do we not as traders us either a IRC channel (live text chat) or a ventrillo (live voice chat) to share ideas with each other real time for maximizing profits?

  • bradleyouellette

    Loving this so much. I finished the Baby Pips school a short time ago, and loved your systems simplicity, and have been practicing it for the past 2 weeks. After my first 2 weeks of practice trading I’m up 50 pips which i find amazing and am looking forward to keep practicing until i go live.

    The one question that is constantly on my mind is that why do we not as traders us either a IRC channel (live text chat) or a ventrillo (live voice chat) to share ideas with each other real time for maximizing profits?

  • Styex

    Love the system PipSurfer, been following it for a while. I did a little back testing and found your might be able to get a little more profit from trailing your stops based on the MAs. I not sure if you would want to try to incorporate it, but by leaving even half of a profitable trade open that stays above the MAs you could earn yourself a extra amount pips by my calculation.

    Let me know what you think,
    Styex

  • Styex

    Love the system PipSurfer, been following it for a while. I did a little back testing and found your might be able to get a little more profit from trailing your stops based on the MAs. I not sure if you would want to try to incorporate it, but by leaving even half of a profitable trade open that stays above the MAs you could earn yourself a extra amount pips by my calculation.

    Let me know what you think,
    Styex