Cowabunga System Daily Update: Thursday, 11/05/09

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

Main Trend

Current Trend

The trend stayed up the entire day.

Today I only looked for long trades.

News events to watch for today :

  • 4:30am EST- UK Manufacturing Production; Industrial Production
  • 7:00am EST- Bank of England Interest Rate Decision
  • 8:30am EST- US Non-Farm Productivity

Today’s Surf

12:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already negative. This cancelled out the signal and I did not enter.

3:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already negative. This cancelled out the signal and I did not enter.

6:30am EST- No entry before news

10:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry

The entry was at the close of the candle at 1.6608 with a stop at the most recent low at 1.6535. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6650.

Entry: Long at 1.6608 Stop: 1.6535 Target: 1.6650

1:00pm EST- My target was not hit by this time. Since it was late in the day, I went ahead and cut my losses and exited out at 1.6580.

entry2

Trade Result: -28 pips (NOT INCLUDING SPREAD) R-Multiple: -0.38

News events to watch for tomorrow:

  • 4:30am EST- UK PPI Input m/m
  • 8:30am EST- US Non-Farm Employment Change

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.

  • mufuroo

    I think this system is pretty easy. What Im not understanding is that my MACD never matches yours. What is happenning?

  • Paulette

    I have to agree, the rules of this system is clear and easy to apply – the trick might be to the soft side, i.e. discipline. I found the Cowabunga EA statement very interesting as well – link to thetrademachine.com

    This enables the computer vs human system execution of trades.

    Thank you for your commitment to the newbies! we appreciate your training material and videos

  • mufuroo

    I think this system is pretty easy. What Im not understanding is that my MACD never matches yours. What is happenning?

  • Paulette

    I have to agree, the rules of this system is clear and easy to apply – the trick might be to the soft side, i.e. discipline. I found the Cowabunga EA statement very interesting as well – link to thetrademachine.com

    This enables the computer vs human system execution of trades.

    Thank you for your commitment to the newbies! we appreciate your training material and videos

  • iloveforex

    Hello, PipSurfer, One question.
    I still dont figure out where the entry point exactly, is it the closing price of the black bar?
    Thanks.

  • iloveforex

    Hello, PipSurfer, One question.
    I still dont figure out where the entry point exactly, is it the closing price of the black bar?
    Thanks.

  • jsd1004

    Anyone ever make money off this system long term?

  • jsd1004

    Anyone ever make money off this system long term?

  • MrGoat

    Hi, has anyone tried running the EA for the trademachine? Im not sure if om doing it wrongly, but the results are horrible. Running it on M15 charts and backtesting it from May of 2009 to August, my balance account dropped from 25000 to about 24301. Doesnt seem to fit in with the published results here. Anyone encountered the same problem ?

  • MrGoat

    Hi, has anyone tried running the EA for the trademachine? Im not sure if om doing it wrongly, but the results are horrible. Running it on M15 charts and backtesting it from May of 2009 to August, my balance account dropped from 25000 to about 24301. Doesnt seem to fit in with the published results here. Anyone encountered the same problem ?

  • HarriBabyPips

    How come the link to the trade machine was not moderated?

  • HarriBabyPips

    How come the link to the trade machine was not moderated?