Cowabunga System Daily Update: Monday, 11/16/09

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Main Trend

Current Trend

The trend stayed up the entire day.

Today I only looked for long trades.

News events to watch for today :

  • 8:30am EST- US Advance Retail Sales

Today’s Surf

6:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.6697 with a stop at the most recent low at 1.6668. Since I was only 3 pips away from the nearest 50 or 00 level (1.6700), I decided to go for the same amount of pips I was risking on the trade, which in this case was 29. This put my initial target at 1.6726.

Entry: Long at 1.6697 Stop: 1.6668 Target: 1.6726

7:15am EST- My target was hit. Price made a clean break, but it wasn’t a strong break. I held my trade a little longer to wait and see what would happen.

7:30am EST- Momentum seemed to hang around our target so I went ahead and closed out my trade right at 1.6726.

entry2

Trade Result: +29 pips (NOT INCLUDING SPREAD) R-Multiple: 1.00

News events to watch for tomorrow:

  • 4:30am EST- UK CPI y/y
  • 8:30am EST- US PPI m/m
  • 9:00am EST- US TIC Long-Term Purchases
  • 9:15am EST- US Capacity Utilization Rate; Industrial Production m/m

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

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  • mpearson

    PIP Surfer what is the minimum pip trade you will take. Also you did a 1 to 1 risk ratio but all I hear is at least 2 to 1 so please explain. I am realizing trading is really an art and not a science.

  • mpearson

    PIP Surfer what is the minimum pip trade you will take. Also you did a 1 to 1 risk ratio but all I hear is at least 2 to 1 so please explain. I am realizing trading is really an art and not a science.

  • AKS

    does the cowabunga system settings mentioned in the school section work for scalping as well? Also, what do the different painted candles mean? Pls respond..

  • AKS

    does the cowabunga system settings mentioned in the school section work for scalping as well? Also, what do the different painted candles mean? Pls respond..