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

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 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:

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.

Like what you've read?
Join over 40,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!
  • 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!