Cowabunga System Daily Update: Thursday, 12/03/09

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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 :

  • 4:30am EST- UK Services PMI
  • 8:30am EST- US Unemployment Claims
  • 10:00am EST- US ISM Non-Manufacturing PMI

Today’s Surf

12:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.6678 with a stop at the most recent low at 1.6658. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6700.

Entry: Long at 1.6678 Stop: 1.6658 Target: 1.6700

2:15am EST- My target was hit. Price made a clean break so I moved my stop to 1.6700 and set my next target for 1.6750.

2:30am EST- Unfortunately the momentum didn’t continue in my favor. I exited at 1.6710.

entry2

Trade Result: +32 Pips (NOT INCLUDING SPREAD) R-Multiple: 1.60

News events to watch for tomorrow:

  • 8:30am EST- US Non-Farm Employment Change

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.

  • waddingtoni

    Hello Pip Surfer

    I have been looking in on your Cowabunga system and commentaries for some time now and trading a live account with mixed success! Can I just add my name to the many who have already praised your efforts on our behalf?
    You do a brilliant job for us and I for one would have given up on forex if it wasn’t for watching and listening to your ever cheerful updates.

    Many thanks indeed.

  • PipSurfer

    thanks for the comment waddingoni. I’m glad I could help! Happy trading!

  • waddingtoni

    Hello Pip Surfer

    I have been looking in on your Cowabunga system and commentaries for some time now and trading a live account with mixed success! Can I just add my name to the many who have already praised your efforts on our behalf?
    You do a brilliant job for us and I for one would have given up on forex if it wasn’t for watching and listening to your ever cheerful updates.

    Many thanks indeed.

  • PipSurfer

    thanks for the comment waddingoni. I’m glad I could help! Happy trading!