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

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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.

  • 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…