Cowabunga System Daily Update: Tuesday, 12/01/09

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Main Trend

Current Trend

The trend stayed down until 7:00am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from down to UP. After 7am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 7am EST. After 7am EST, I only looked for long trades.

News events to watch for today :

  • 2:00am EST- UK Nationwide HPI
  • 4:30am EST- UK Manufacturing PMI
  • 10:00am EST- US Pending Home Sales m/m

Today’s Surf

No trades today

entry2

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

News events to watch for tomorrow:

  • 4:30am EST- UK Construction PMI
  • 8:15am EST- US ADP Non-Farm Employment Change
  • 2:00pm EST- US Beige Book

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.

16 comments

  1. ja5on

    @ja5on: Yes, this is possible and the trend will change in the following candle if rsi and stoch meet the criteria however it will not require EMA to cross-over as they would have already crossed in the candle before. Hope this helps. I’ll let Pipsurfer confirm and clarify this. I have been using this system for more than a year now and after watching so many videos and constant learning I was able to code the Cowbunga signal where I do not have to validate the signal after each EMA cross-over as my alarm triggers only when all the conditions are met. Refer the attached chart where we had 1 valid signal @ 6am GMT for 81 pips profit. link to chart.ly @Pipsurfer > Thanks for all your help and videos

    thanks for the answer but what i was asking was the trend change in 4hr. if the ema have crossed in the earlier candle. but the other two indicator is not in favor of the trend = rsi not more than 50 and stoch pointing down(for uptrend it shud be more than 50 and stoch point up instead) should this be considered as an change of trend to up trend? if the indicators dont tally but ema crossed at 4h.

    Reply
  2. ja5on

    sorry i’ve got another question. if the ema crosses over to an up trend in m15 and macd is positive already but still gaining value and the rest matched. is it still a valid signal? =D

    Reply
  3. ja5on

    @ja5on: Yes, this is possible and the trend will change in the following candle if rsi and stoch meet the criteria however it will not require EMA to cross-over as they would have already crossed in the candle before. Hope this helps. I’ll let Pipsurfer confirm and clarify this. I have been using this system for more than a year now and after watching so many videos and constant learning I was able to code the Cowbunga signal where I do not have to validate the signal after each EMA cross-over as my alarm triggers only when all the conditions are met. Refer the attached chart where we had 1 valid signal @ 6am GMT for 81 pips profit. link to chart.ly @Pipsurfer > Thanks for all your help and videos

    thanks for the answer but what i was asking was the trend change in 4hr. if the ema have crossed in the earlier candle. but the other two indicator is not in favor of the trend = rsi not more than 50 and stoch pointing down(for uptrend it shud be more than 50 and stoch point up instead) should this be considered as an change of trend to up trend? if the indicators dont tally but ema crossed at 4h.

    Reply
  4. ja5on

    sorry i’ve got another question. if the ema crosses over to an up trend in m15 and macd is positive already but still gaining value and the rest matched. is it still a valid signal? =D

    Reply
  5. Pip SurferPipSurfer

    ja5on- if the indicators do not match up at the crossover then you do NOT have a valid trend change candle. What you would do then is wait for the next candle to close. If that candle closes and the crossover is still valid PLUS the indicators match up, then you have a valid trend change candle. Until that moment, you’re previous trend change candle is still valid and you should continue taking trades in that direction.

    2nd question- The answer is no :)

    Reply
  6. ja5on

    so its either from negative to positive within two bars. or negative gaining value. ( for uptrend). am i right? positive to positive gaining value is no go?

    Reply
  7. ja5on

    thanks alot to u ppl. =D its a good way to trade. with so many indicators to make it canceling away noises. but you guys think that the amount of trade using this signal is very lil? do you guys trade using other system as well?

    Reply
  8. mabidashraf

    It depends on your trading style. I prefer trading more lots with one system which has high probability of generating consistently profitable trades over a period of time.

    Reply
  9. Pip SurferPipSurfer

    ja5on- if the indicators do not match up at the crossover then you do NOT have a valid trend change candle. What you would do then is wait for the next candle to close. If that candle closes and the crossover is still valid PLUS the indicators match up, then you have a valid trend change candle. Until that moment, you’re previous trend change candle is still valid and you should continue taking trades in that direction.

    2nd question- The answer is no :)

    Reply
  10. ja5on

    so its either from negative to positive within two bars. or negative gaining value. ( for uptrend). am i right? positive to positive gaining value is no go?

    Reply
  11. ja5on

    thanks alot to u ppl. =D its a good way to trade. with so many indicators to make it canceling away noises. but you guys think that the amount of trade using this signal is very lil? do you guys trade using other system as well?

    Reply
  12. mabidashraf

    It depends on your trading style. I prefer trading more lots with one system which has high probability of generating consistently profitable trades over a period of time.

    Reply
  13. fxfix

    Hi pipSurfer,

    Do you ever take into account a strong resistance area? For example the 1.6700 area. How do you deal with that?

    Thanks again!

    Reply
  14. fxfix

    Hi pipSurfer,

    Do you ever take into account a strong resistance area? For example the 1.6700 area. How do you deal with that?

    Thanks again!

    Reply

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