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.

Like what you've read?
Join over 40,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!
  • 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.