Cowabunga System Daily Update: Wednesday, 09/09/09

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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 Trade Balance
  • 2:00pm EST- US Beige Book

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 was negative and gaining value. This was a valid entry

The entry was at the close of the candle at 1.6522 with a stop at the most recent low at 1.6501. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6550.

Entry: Long at 1.6522 Stop: 1.6501 Target: 1.6550

2:00am EST- My target was hit. Price did not make a clean break so I took my final profit at 1.6545.

5:30am 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 1.6498 with a stop at the most recent low at 1.6454. Since I was only 2 pips away from the nearest 50 or 00 level (1.6500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 44. This put my initial target at 1.6542.

Entry: Long at 1.6498 Stop: 1.6454 Target: 1.6542

8:30am EST- My target was hit. Price did not make a clean break so I took my final profit at 1.6535.

entry2

Trade Result: +23 +37= +60 pips (NOT INCLUDING SPREAD) R-Multiple: 1.09; 0.84

News events to watch for tomorrow:

  • 7:00am EST- UK Official Bank Rate
  • 8:30am EST- US Trade Balance; Unemployment claims

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.

  • Cypippy

    Thanks for the advice on placing exits for profit for ‘bunga, I’m sure it will help me get into the black. I’ve also started a blog that people can check out along with this one. Sort of a newbie companion site. Check it out and let me know what you think! link to foldingstuff.blogspot.com

  • soulja4lyf

    Hey PipSurfer, can you explain what you mean by when you say “go down to a lower timeframe and determine the momentum”? I just can’t seem to understand how one can tell whether there is enough momentum or not. Is there some sort of indicator or some kind of candle formation on a lower timeframe that I should look out for?

  • soulja4lyf

    By the way, you have the RSI and Stochastic messages the wrong way round in the trade signals’ image above i.e. instead of RSI 50. Just thought I’d point that out!

  • soulja4lyf

    … sorry previous comment meant to read “instead of RSI 50 etc.”

  • soulja4lyf

    Whats going on? lol…. My comments don’t seem to be displaying properly… (It should read “instead of RSI less than 50 it should be RSI greater than 50″)!!! For some reason the less than and greater than signs don’t appear in the comments!

  • Cypippy

    Thanks for the advice on placing exits for profit for ‘bunga, I’m sure it will help me get into the black. I’ve also started a blog that people can check out along with this one. Sort of a newbie companion site. Check it out and let me know what you think! link to foldingstuff.blogspot.com

  • soulja4lyf

    Hey PipSurfer, can you explain what you mean by when you say “go down to a lower timeframe and determine the momentum”? I just can’t seem to understand how one can tell whether there is enough momentum or not. Is there some sort of indicator or some kind of candle formation on a lower timeframe that I should look out for?

  • soulja4lyf

    By the way, you have the RSI and Stochastic messages the wrong way round in the trade signals’ image above i.e. instead of RSI 50. Just thought I’d point that out!

  • soulja4lyf

    … sorry previous comment meant to read “instead of RSI 50 etc.”

  • soulja4lyf

    Whats going on? lol…. My comments don’t seem to be displaying properly… (It should read “instead of RSI less than 50 it should be RSI greater than 50″)!!! For some reason the less than and greater than signs don’t appear in the comments!

  • winstonereed

    I acquired Xtick. Could you explain how to get the candles to change color with the trend change? Also how do you get the program alert you.

  • winstonereed

    I acquired Xtick. Could you explain how to get the candles to change color with the trend change? Also how do you get the program alert you.