Cowabunga System Daily Update: Tuesday, 09/15/09

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

Main Trend

Current Trend

The trend stayed down the entire day.

Today I only looked for short trades.

News events to watch for today :

  • 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

Today’s Surf

3:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry

The entry was at the close of the candle at 1.6619 with a stop at the most recent high at 1.6657. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6600.

Entry: Short at 1.6619 Stop: 1.6657 Target: 1.6600

3:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.6600 and set my next target for 1.6550.

3:45am EST- Unfortunately I got stopped out at my initial target at 1.6600.

5:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the candle before. This cancelled out the signal and I did not enter.

entry2

Trade Result: +19 pips (NOT INCLUDING SPREAD) R-Multiple: 0.50

News events to watch for tomorrow:

  • 4:30am EST– UK Claimant Count Change; Average Earnings Index 3m/y; Unemployment report
  • 8:30am EST– US Core CPI m/m; Current Account
  • 9:00am EST– US TIC Long-Term Purchases
  • 9:15am EST– US Capacity Utilization

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!
  • poboxlahaina

    Thanks so much for doing this. I have been watching the last few days and really like it. Do you do this system on any other pairs?

  • rowfly

    I use this system on the eur/usd and it works just as well.

  • poboxlahaina

    Thanks so much for doing this. I have been watching the last few days and really like it. Do you do this system on any other pairs?

  • poboxlahaina

    Thanks rowfly…

  • rowfly

    I use this system on the eur/usd and it works just as well.

  • poboxlahaina

    Thanks rowfly…