Cowabunga System Daily Update: Thursday, 09/03/09

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 :

  • 4:30am EST- UK Services PMI
  • 8:30am EST- US Unemployment Claims
  • 10:00am EST- US ISM Non-Manufacturing PMI

Today’s Surf

1:30am 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 1.6280 with a stop at the most recent low at 1.6258. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6300.

Entry: Long at 1.6280 Stop: 1.6258 Target: 1.6300

2:00am EST- My target was hit. Price made a clean break so I moved my stop to 1.6300 and set my next target for 1.6350.

2:15am EST- Unfortunately I got stopped out at my initial target at 1.6300.

entry2

Trade Result: +20 pips (NOT INCLUDING SPREAD) R-Multiple: 0.90

News events to watch for tomorrow:

  • 8:30am EST- US Non-Farm Employment Change

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.

  • emacro

    Looks like great stuff Dude, keep it up.

    Have a question on the total pips for each of the years 2006 to 2009, any updated statistics % winners/losers etc max drawdown….
    Thanks

  • emacro

    Looks like great stuff Dude, keep it up.

    Have a question on the total pips for each of the years 2006 to 2009, any updated statistics % winners/losers etc max drawdown….
    Thanks

  • soulja4lyf

    Hey, great stuff! Just wanted to say keep up your efforts and I really appreciate it. Can you tell me how I can get the chart setup like yours i.e. the black candle at crossovers etc. Thank you.

  • soulja4lyf

    Hey, great stuff! Just wanted to say keep up your efforts and I really appreciate it. Can you tell me how I can get the chart setup like yours i.e. the black candle at crossovers etc. Thank you.