Cowabunga System Daily Update: Monday, 11/23/09

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

Main Trend

Current Trend

The trend stayed down until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from down to UP. After 11am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 11am EST. After 11am EST, I only looked for long trades.

News events to watch for today :

  • None

Today’s Surf

10:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative. This cancelled out the signal and I did not enter.

entry2

Trade Result: +0 pips R-Multiple: N/A

News events to watch for tomorrow:

  • 4:30am EST- UK BBA Mortgage Approvals
  • 8:30am EST- US Prelim GDP q/q
  • 9:00am EST- US S&P/CS Composite-20 HPI y/y
  • 10:00am EST- US CB Consumer Confidence

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.

  • lonniew123

    metatrader does have a 4 hour chart just type h4 in the slot
    you can even do hour or what ever you want.

    Also i just got a subscription to x tick and was wondering about the alerts. I can get it to email me when a cross over occures but I would like to have it text message me instead. is that possible?

  • modkiller

    That was intense. First read, nice stuff.

  • lonniew123

    metatrader does have a 4 hour chart just type h4 in the slot
    you can even do hour or what ever you want.

    Also i just got a subscription to x tick and was wondering about the alerts. I can get it to email me when a cross over occures but I would like to have it text message me instead. is that possible?

  • modkiller

    That was intense. First read, nice stuff.

  • mpearson

    You did not take a trade because the MACD was already negative. What would the MACD need to show you in order to take the trade. I am thinking it would have to be decreasing in value?

  • PipSurfer

    lonnie- check this post out. link to forums.babypips.com it will give you all the ways to have emails sent to your phone.

    mpearson- for short trades MACD must be positive and decreasing in value or go from positive to negative. It can’t already be negative from the candle before. This indicates that we’ve missed the best possible entry point already.

    Happy trading everyone!

  • mpearson

    You did not take a trade because the MACD was already negative. What would the MACD need to show you in order to take the trade. I am thinking it would have to be decreasing in value?

  • mabidashraf

    @mpearson – for short trades MACD has to be positive in the candle before the signal candle i.e. it has to be decreasing in the value and the previous candle cannot be negative per Cowbunga system. Hope this helps.

  • PipSurfer

    lonnie- check this post out. link to forums.babypips.com it will give you all the ways to have emails sent to your phone.

    mpearson- for short trades MACD must be positive and decreasing in value or go from positive to negative. It can’t already be negative from the candle before. This indicates that we’ve missed the best possible entry point already.

    Happy trading everyone!

  • mabidashraf

    @mpearson – for short trades MACD has to be positive in the candle before the signal candle i.e. it has to be decreasing in the value and the previous candle cannot be negative per Cowbunga system. Hope this helps.