Cowabunga System Daily Update: Monday, 09/14/09

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

Main Trend

Current Trend

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

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

News events to watch for today :

  • None

Today’s Surf

8:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry

The entry was at the close of the candle at 1.6532 with a stop at the most recent high at 1.6572. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6500.

Entry: Short at 1.6532 Stop: 1.6572 Target: 1.6500

9:15am EST- Unfortunately I was stopped out of my trade.

entry2

Trade Result: -40 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00

News events to watch for tomorrow:

  • 4:30am EST- UK CPI y/y
  • 8:30am EST- US Core Retail Sales m/m; PPI m/m
  • 10:00am EST- US Fed Chairman Bernanke Speaks; Business Inventories m/m

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.

  • BeerMonster

    I don’t trade your system, but I enjoy reading the blog. Keep it up!

  • BeerMonster

    I don’t trade your system, but I enjoy reading the blog. Keep it up!

  • ShawnC78

    I am interested in your system. Do you have an indicator that points out the entries? Has an EA been developed by chance? How accurate % wise would your system is? Is 15pips a day or 75 pips a week realistic?

  • ShawnC78

    I am interested in your system. Do you have an indicator that points out the entries? Has an EA been developed by chance? How accurate % wise would your system is? Is 15pips a day or 75 pips a week realistic?

  • soulja4lyf

    ShawnC78, there is a custom indicator for this system for the metatrader 4 platform. It can be located by clicking on forums (at the top of this page) and then “Free Forex Trading Systems”, thereafter, you should find the thread named “Cowabunga system MT4 indicator”. All the information you need will be available there. However, if there is something you do not understand, then ask on the forum and someone is sure to help you out. Hope this helps.

  • soulja4lyf

    PipSurfer, I want to say thanks for answering my question about entry on the close of a news candle. I have another question (I’m sorry to impose all these questions, but I’m trying to gather as much information about this system as I can), when a trade reaches a the target with a good amount of momentum you move your stop up to break even and target the next 00 or 50 level, my question is, what do you target when the previous target is close to a 50 or 00 level? (say fo example you initially targeted the amount of pips you risked and that happened to get you close to one of those levels).
    P.S. I’m sorry if this is a silly question :)

  • soulja4lyf

    ShawnC78, there is a custom indicator for this system for the metatrader 4 platform. It can be located by clicking on forums (at the top of this page) and then “Free Forex Trading Systems”, thereafter, you should find the thread named “Cowabunga system MT4 indicator”. All the information you need will be available there. However, if there is something you do not understand, then ask on the forum and someone is sure to help you out. Hope this helps.

  • soulja4lyf

    PipSurfer, I want to say thanks for answering my question about entry on the close of a news candle. I have another question (I’m sorry to impose all these questions, but I’m trying to gather as much information about this system as I can), when a trade reaches a the target with a good amount of momentum you move your stop up to break even and target the next 00 or 50 level, my question is, what do you target when the previous target is close to a 50 or 00 level? (say fo example you initially targeted the amount of pips you risked and that happened to get you close to one of those levels).
    P.S. I’m sorry if this is a silly question :)

  • EFX1985

    Hi Pipsurfer
    Thanks for the cowabunga blog.
    I am new so forgive these questions – I use mt4 – how do I set it up to show me a trend change on the 4 hr chart as it is not always obvious just looking at the 4hr whether its trending up ot down. Also – what hours do you trade – i am in the uk which is summertime gmt plus 1.

    Thx for the great videos

  • EFX1985

    Hi Pipsurfer
    Thanks for the cowabunga blog.
    I am new so forgive these questions – I use mt4 – how do I set it up to show me a trend change on the 4 hr chart as it is not always obvious just looking at the 4hr whether its trending up ot down. Also – what hours do you trade – i am in the uk which is summertime gmt plus 1.

    Thx for the great videos