Cowabunga System Daily Update: Wednesday, 09/16/09

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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 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

Today’s Surf

8:00am EST- There was a valid signal here but because it was right before news I did not enter.

entry2

Trade Result: +0 pips (NOT INCLUDING SPREAD) R-Multiple: N/A

News events to watch for tomorrow:

  • 4:30am EST- UK Retail Sales m/m
  • 6:00am EST- UK CBI Quarterly Distributive Trades
  • 8:30am EST- US Unemployment Claims
  • 10:00am EST- US Philly Fed Manufacturing Index

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.

  • kenmege

    im getting confused.im new to forex and from all iv read i was told that swing trading using the 1hr,4hr and daily charts will be the best for me.i made money on demo,trading strong support and resistance levels.since i went live last week,iv lost $600.i came accross your system yesterday.today i made 4 trades,3 went against me and the only one that made me money was the one i used your system on.what do advise me,your system is good but requires regular monitoring of the market which my job may not allow.what do you advise me to do.thank you so much.

  • jiolany

    hi what is the indicator the you use on you candles to show the color change on the candles for trend reversal?

  • Cypippy

    Hey Kenmege, it sounds like your trading without much of a plan. If you don’t have a valid plan to follow and a strict set of enter/exit rules for each trade you’re more gambling then trading. You should check out http://www.meetpips.com and setup an account there. It will walk you thru setting up some basic rules to follow for your trades and help keep track of your progress. Also, how long did you paper/demo trade? You should at the very least demo for 3 months, some say even a year, before you start trading live money. Don’t get discouraged and keep at it.

    ( see my blog @ http://www.foldingstuff.blogspot.com )

  • rfmerry

    What is the purpose of the RSI and stochastics indicators on the 4-hour chart?

  • kenmege

    im getting confused.im new to forex and from all iv read i was told that swing trading using the 1hr,4hr and daily charts will be the best for me.i made money on demo,trading strong support and resistance levels.since i went live last week,iv lost $600.i came accross your system yesterday.today i made 4 trades,3 went against me and the only one that made me money was the one i used your system on.what do advise me,your system is good but requires regular monitoring of the market which my job may not allow.what do you advise me to do.thank you so much.

  • jiolany

    hi what is the indicator the you use on you candles to show the color change on the candles for trend reversal?

  • Cypippy

    Hey Kenmege, it sounds like your trading without much of a plan. If you don’t have a valid plan to follow and a strict set of enter/exit rules for each trade you’re more gambling then trading. You should check out http://www.meetpips.com and setup an account there. It will walk you thru setting up some basic rules to follow for your trades and help keep track of your progress. Also, how long did you paper/demo trade? You should at the very least demo for 3 months, some say even a year, before you start trading live money. Don’t get discouraged and keep at it.

    ( see my blog @ http://www.foldingstuff.blogspot.com )

  • rfmerry

    What is the purpose of the RSI and stochastics indicators on the 4-hour chart?

  • JohnnyFOREX

    I thought that to correctly determine whether to trade long or short for the day, you were looking at not only the EMA cross on the H$ but also the RSI than 50 … and the STOCH cross. In the 09/16 report you’ve mentioned only taking shorts for the day, yet on the H4 the STOCH was actually up. I’m confused???

  • JohnnyFOREX

    I thought that to correctly determine whether to trade long or short for the day, you were looking at not only the EMA cross on the H$ but also the RSI than 50 … and the STOCH cross. In the 09/16 report you’ve mentioned only taking shorts for the day, yet on the H4 the STOCH was actually up. I’m confused???

  • PipRanger

    I’ve tried to visit meetpips.com several times and get an error message. Internet Explorer sends an error message to Microsoft then IE shuts down. Any thoughts?

  • Pipenstien

    Macd was already negative during the 9/15 trade that made +19

  • PipRanger

    I’ve tried to visit meetpips.com several times and get an error message. Internet Explorer sends an error message to Microsoft then IE shuts down. Any thoughts?

  • Pipenstien

    Macd was already negative during the 9/15 trade that made +19