Cowabunga System Daily Update: Tuesday, 11/17/09

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 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

Today’s Surf

1:45am 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 1.6828 with a stop at the most recent low at 1.6796. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6850.

Entry: Long at 1.6828 Stop: 1.6796 Target: 1.6850

2:15am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6847.

entry2

Trade Result: +19 pips (NOT INCLUDING SPREAD) R-Multiple: 0.59

News events to watch for tomorrow:

  • 4:30am EST- UK Bank of England Meeting Minutes
  • 6:00am EST- UK CBI Industrial Order Expectations
  • 8:30am EST- US Core CPI m/m

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.

  • peel724

    having eventually managed to find my way around the Metatrader platform,I find it totally different to the Xtic,could you please let me know where I may find any operational guides to this platform,thank you,Andrew

  • Roguepipper

    Hello Pipsurfer. Firstly I would like to say a huge thank you for the efforts you make in continually educating newcomers about forex trading. Your guides on this website and your youtube postings are invaluable to people like me and have made learning about trading very enjoyable. If you are ever in London, then I will definately have to shout you a few pints!

    At the risk of sounding stupid I would like to ask you a question about the stochastics indicator. You said that it showed stochastics had begun to trend back up (making it a valid trade). Were you only refering to the faster moving (red cloured) oscillator line as the slower (blue coloured) oscillator line was still trending down at that time.

    Any clarification you could give me on this would be of great help. Thanks again!

  • peel724

    having eventually managed to find my way around the Metatrader platform,I find it totally different to the Xtic,could you please let me know where I may find any operational guides to this platform,thank you,Andrew

  • Roguepipper

    Hello Pipsurfer. Firstly I would like to say a huge thank you for the efforts you make in continually educating newcomers about forex trading. Your guides on this website and your youtube postings are invaluable to people like me and have made learning about trading very enjoyable. If you are ever in London, then I will definately have to shout you a few pints!

    At the risk of sounding stupid I would like to ask you a question about the stochastics indicator. You said that it showed stochastics had begun to trend back up (making it a valid trade). Were you only refering to the faster moving (red cloured) oscillator line as the slower (blue coloured) oscillator line was still trending down at that time.

    Any clarification you could give me on this would be of great help. Thanks again!