Cowabunga System Daily Update: Tuesday, 11/03/09

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 Purchasing Manager Index Construction
  • 10:00am EST– US Factory Orders

Today’s Surf

1:45am 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 1.6362 with a stop at the most recent high at 1.6398. Since I was only 12 pips away from the nearest 50 or 00 level (1.6350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 36. This put my initial target at 1.6326.

Entry: Short at 1.6362 Stop: 1.6398 Target: 1.6326

2:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.6326 and set my next target for 1.6300. During this same candle, my 2nd target at 1.6300 was hit. Price did not make a clean break of this target so I took my final profit. I exited at 1.6305.

9:15am EST– There was a valid signal here but because it was close to a news report, I did not enter.

entry2

Trade Result: +57 pips (NOT INCLUDING SPREAD) R-Multiple: 1.58

News events to watch for tomorrow:

  • 4:30am EST- UK Purchasing Manager Index Services
  • 8:15am EST- US ADP Non-Farm Employment Change
  • 10:00am EST– US ISM Non-Manufacutring Composite

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

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  • rokasvivas

    Hello Cowa, it was a Good trade, thanks for posting it. But How did you set your studies? are they different than your “your so easy, it’s ridiculous system”? :-)

  • rokasvivas

    Hello Cowa, it was a Good trade, thanks for posting it. But How did you set your studies? are they different than your “your so easy, it’s ridiculous system”? :-)

  • mufuroo

    I use mt4 and at this time my macd was already negative. Is it normal to happen?

  • mufuroo

    I use mt4 and at this time my macd was already negative. Is it normal to happen?

  • Paddyjoe1

    Paddyjoe1
    Hi Cowabunga that was very good. I really have to admit that your system works very well. The only thing is how can I get the (trend change candle)? I would appreciate it a lot.
    thanks!

  • Paddyjoe1

    Paddyjoe1
    Hi Cowabunga that was very good. I really have to admit that your system works very well. The only thing is how can I get the (trend change candle)? I would appreciate it a lot.
    thanks!

  • ngolin

    Hello Cowa,I think i’m making a mistake somewhere. could you direct me as to how to download your system before i crash my money.

  • ngolin

    Hello Cowa,I think i’m making a mistake somewhere. could you direct me as to how to download your system before i crash my money.