Cowabunga System Daily Update: Wednesday, 12/09/09

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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 Trade Balance
  • 10:00am EST- US Wholesale Inventories m/m
  • 10:30am EST- US Crude Oil Inventories

Today’s Surf

1:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.6219 with a stop at the most recent high at 1.6274. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6200.

Entry: Short at 1.6219 Stop: 1.6274 Target: 1.6200

1:15am EST- My target was hit. Price made did not make a clean break so I took my final profit. I exited at 1.6205.

8:15am 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 from the previous candle. This cancelled out the signal and I did not enter.

entry2

Trade Result: +14 Pips (NOT INCLUDING SPREAD) R-Multiple: 0.25

News events to watch for tomorrow:

  • 7:00am EST- UK Official Bank Rate
  • 8:30am EST- US Trade Balance; Unemployment Claims

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.

  • mabidashraf

    Thanks Pipsurfer – very useful comment re: MACD as it had disturbed me a lot in the past when I missed the huge moves because the criteria for MACD didn’t meet, however, it appears that you have tried this in the past and have concluded that MACD criteria will help the bottom line in the long run. Thanks again for all your efforts in putting up those videos.

  • fxfix

    Thanks PipSurfer for posting so early!

    It’s great to watch the video right after the trading session and learn about our mistakes (or pad ourselves in the back :)) when it’s still fresh.

    I wait every day with great anticipation to watch the session’s video.

    I admire your discipline and consistency in making these videos every day (specialy after the night’s trade). You are a star!

    Thanks again!!!

  • mabidashraf

    Thanks Pipsurfer – very useful comment re: MACD as it had disturbed me a lot in the past when I missed the huge moves because the criteria for MACD didn’t meet, however, it appears that you have tried this in the past and have concluded that MACD criteria will help the bottom line in the long run. Thanks again for all your efforts in putting up those videos.

  • fxfix

    Thanks PipSurfer for posting so early!

    It’s great to watch the video right after the trading session and learn about our mistakes (or pad ourselves in the back :)) when it’s still fresh.

    I wait every day with great anticipation to watch the session’s video.

    I admire your discipline and consistency in making these videos every day (specialy after the night’s trade). You are a star!

    Thanks again!!!

  • ja5on

    can i ask if the RSI is

  • ja5on

    at 1115am est time is there a valid entry? would u take that?

  • ja5on

    can i ask if the RSI is

    and would u enter when that MA crosses and that exact bar closed? so ur entry would be the closing of the entry bar for this case?

  • ja5on

    at 1115am est time is there a valid entry? would u take that?