Cowabunga System Daily Update: Thursday, 11/19/09

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 Retail Sales m/m
  • 8:30am EST- US Unemployment Claims
  • 10:00am EST- US Philly Fed Manufacturing Index

Today’s Surf

2:30am 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 1.6689 with a stop at the most recent high at 1.6724. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6650.

Entry: Short at 1.6689 Stop: 1.6724 Target: 1.6650

3:00am EST- My target was hit. Price didn’t really make a clean break so I went ahead and took my final profit. I got out right at 1.6650.\

5:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were trending up. This cancelled out the signal and I did not enter.

entry2

Trade Result: +39 pips (NOT INCLUDING SPREAD) R-Multiple: 1.11

News events to watch for tomorrow:

  • None

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.

  • fantastico08

    Usually you adress comments in the video – I don’t want to seem pushy but just incase you missed my comment i’ve retyped the entire thing(well… ctrl v :D) Hiya PipSurfer! I would firstly like to let you know how grateful i am that you take time out of your day to produce this blog for us. I am sure you are creating many pips for your fellow man, how could we ever repay you? Haha. You’re system and walkthrough techniques are absolutely brilliant for honing my skills as a trader (Natural born teacher, haha). My medium-term goal is to trade part time and make enough pips to put myself through college. Currently you are a big part of that! So again, many thanks. For other followers, if anyone is interested this could be helpful. I personally follow the blog by trading the same hours Pipsurfer does(which means i trade midnight – 8am NZ time! ouch!)on a demo account obviously, and then comparing my graphs to his when he graces us with a video. Anyway, down to my question. I was stopped from entering a short trade due to stochastics not trending down when all other indicaters pointed to a correct trade. Here is a direct link: link to img52.imageshack.us Now as you can see, the trade would have been brilliant(i understand this is part of the game). Anyway, i am wondering if i did the right thing in that situation? I feel like i stayed true to the system. But im not sure of the protocol in that situation. Please be brutally honest! Thank you so much for any help! And finally i was wondering if this thought process is correct? If you don’t stay true to the system and make profits, you are still in the wrong. Because the change you made will not always pay off and is untested. Therfore you are jeprodizing pips in the long-term? One final time, thank you for everything you do for us! Cowabunga dudes!

  • fantastico08

    Extremely sorry! you’ve switched it up on us and awsnered questions at the end! Is there anyway for me to delete this comment? many apologies.

  • fantastico08

    Jesus, im bombarding you with comments! Sorry about that. Would just like to thank you for awnsering my question, I’m glad i did the right thing! Perhaps one day i’ll surf the pips as well as you do! Just one other thing i’m curious about, do you trade forex fulltime? do you trade other systems / strategies?

  • bali

    So are you still trading in the 12am to 4pm EST timeframe?

    I’m asking because at 1pm EST today there was a short trade that you didn’t take (it happened to be a bad one anyway).

    Thanks
    Bali

  • fantastico08

    Usually you adress comments in the video – I don’t want to seem pushy but just incase you missed my comment i’ve retyped the entire thing(well… ctrl v :D) Hiya PipSurfer! I would firstly like to let you know how grateful i am that you take time out of your day to produce this blog for us. I am sure you are creating many pips for your fellow man, how could we ever repay you? Haha. You’re system and walkthrough techniques are absolutely brilliant for honing my skills as a trader (Natural born teacher, haha). My medium-term goal is to trade part time and make enough pips to put myself through college. Currently you are a big part of that! So again, many thanks. For other followers, if anyone is interested this could be helpful. I personally follow the blog by trading the same hours Pipsurfer does(which means i trade midnight – 8am NZ time! ouch!)on a demo account obviously, and then comparing my graphs to his when he graces us with a video. Anyway, down to my question. I was stopped from entering a short trade due to stochastics not trending down when all other indicaters pointed to a correct trade. Here is a direct link: link to img52.imageshack.us Now as you can see, the trade would have been brilliant(i understand this is part of the game). Anyway, i am wondering if i did the right thing in that situation? I feel like i stayed true to the system. But im not sure of the protocol in that situation. Please be brutally honest! Thank you so much for any help! And finally i was wondering if this thought process is correct? If you don’t stay true to the system and make profits, you are still in the wrong. Because the change you made will not always pay off and is untested. Therfore you are jeprodizing pips in the long-term? One final time, thank you for everything you do for us! Cowabunga dudes!

  • fantastico08

    Extremely sorry! you’ve switched it up on us and awsnered questions at the end! Is there anyway for me to delete this comment? many apologies.

  • fantastico08

    Jesus, im bombarding you with comments! Sorry about that. Would just like to thank you for awnsering my question, I’m glad i did the right thing! Perhaps one day i’ll surf the pips as well as you do! Just one other thing i’m curious about, do you trade forex fulltime? do you trade other systems / strategies?

  • bali

    So are you still trading in the 12am to 4pm EST timeframe?

    I’m asking because at 1pm EST today there was a short trade that you didn’t take (it happened to be a bad one anyway).

    Thanks
    Bali

  • hulam2k

    I am using the Fxcm platform, which it does not give me the choice of a 4 hour chart what do you recommend me to do. it goes from 60 minutes to the daily chart. I really would like to use you system.

  • hulam2k

    I am using the Fxcm platform, which it does not give me the choice of a 4 hour chart what do you recommend me to do. it goes from 60 minutes to the daily chart. I really would like to use you system.

  • peel724

    Hi Pipsurfer,
    Just a quick thankyou for taking time out to address my question.

  • peel724

    Hi Pipsurfer,
    Just a quick thankyou for taking time out to address my question.

  • ssharma

    Entry: Short at 1.6689 Stop: 1.6724 Target: 1.6650

  • ssharma

    Entry: Short at 1.6689 Stop: 1.6724 Target: 1.6650

    Please let me know how this is a profit. 1.6689 -1.6650 = 39 pips. So you lost 39 pips?

  • Graduate

    Hi Pip Surfer, I am new to this forum and FOREX as well. I am studying the Cowabunga system and have the following question: when you use the 5EMA and 10 EMA on the 4-hour and 15 min chart, do you have to periodize them? In other words, the 5EMA means 5 days exp moving average on a daily chart, but when you apply it to 4hour chart the period of 5 days should be converted to 4hr period and input as 30 ((24/6)*5=30) and for the 15min chart it should be input as ((24/0.25)*5=480). Thanks, Graduate

  • ssharma

    Entry: Short at 1.6689 Stop: 1.6724 Target: 1.6650

  • ssharma

    Entry: Short at 1.6689 Stop: 1.6724 Target: 1.6650

    Please let me know how this is a profit. 1.6689 -1.6650 = 39 pips. So you lost 39 pips?

  • Graduate

    Hi Pip Surfer, I am new to this forum and FOREX as well. I am studying the Cowabunga system and have the following question: when you use the 5EMA and 10 EMA on the 4-hour and 15 min chart, do you have to periodize them? In other words, the 5EMA means 5 days exp moving average on a daily chart, but when you apply it to 4hour chart the period of 5 days should be converted to 4hr period and input as 30 ((24/6)*5=30) and for the 15min chart it should be input as ((24/0.25)*5=480). Thanks, Graduate

  • peel724

    Hi Pipsurfer,
    Could you point me in the right direction to download your system for FXCM`s xtick platform,I tried their link and had no luck,Thanks very much,Andrew.

  • peel724

    Hi Pipsurfer,
    Could you point me in the right direction to download your system for FXCM`s xtick platform,I tried their link and had no luck,Thanks very much,Andrew.