Cowabunga System Daily Update: Thursday, 06/11/09

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

Main Trend

Current Trend

The trend stayed up the entire day.

Today I only looked for long trades.

News events to watch for today :

  • 8:30am EST- US Retail Sales; Initial Jobless Claims

Today’s Surf

2:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still trending down. This cancelled out the signal and I did not enter.

4:15am 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 1.6423 with a stop at the most recent low at 1.6366. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6450.

Entry: Long at 1.6423 Stop: 1.6366 Target: 1.6450

4:30am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6445.

7:30am EST-There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still trending down. This cancelled out the signal and I did not enter.

9:15am 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 1.6469 with a stop at the most recent low at 1.6379. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6500.

Entry: Long at 1.6469 Stop: 1.6379 Target: 1.6500

9:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6497.

entry2

Trade Result: +22 +28= +50 pips (NOT INCLUDING SPREAD) R-Multiple: 0.38; 0.31

News events to watch for tomorrow:

  • None

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

  • tsimeremari

    hi.Pipsurfer

    been following your system and i must say it is one of the best out there as it gives beginners a good easy to use-not so complicated start…i applaud what your unselfishness..

    secondly , how do i get the Trend change candle you have on your charts? would appreciate if anyone or Pipsurfer could help me with that..

    God bless all..

  • tsimeremari

    hi.Pipsurfer

    been following your system and i must say it is one of the best out there as it gives beginners a good easy to use-not so complicated start…i applaud what your unselfishness..

    secondly , how do i get the Trend change candle you have on your charts? would appreciate if anyone or Pipsurfer could help me with that..

    God bless all..

  • tsimeremari

    sorry to be a pain guys, i just stumbled across a Cowabunga zip…applied it to my charts and i see red and blue outlines in both directions of price movement.

    my question is , what do they indicate??

    thanx for any help!

  • tsimeremari

    sorry to be a pain guys, i just stumbled across a Cowabunga zip…applied it to my charts and i see red and blue outlines in both directions of price movement.

    my question is , what do they indicate??

    thanx for any help!

  • Deebs

    Hey Dude,

    This may seem like a silly question but that’s what it’s all about in the beginning I guess.
    Can the cowabunga system be used in faster time frames? for example 15 min or even tic?
    ….and one more Q..what is an average time for you to hold on to a trade? Do you always use a daily chart?
    Thanks a lot for the great site and info!

  • Deebs

    Hey Dude,

    This may seem like a silly question but that’s what it’s all about in the beginning I guess.
    Can the cowabunga system be used in faster time frames? for example 15 min or even tic?
    ….and one more Q..what is an average time for you to hold on to a trade? Do you always use a daily chart?
    Thanks a lot for the great site and info!

  • jonb

    how can I down load the Cowabunga system, I just finished the pip school.
    Thanks

  • jonb

    how can I down load the Cowabunga system, I just finished the pip school.
    Thanks