Cowabunga System Daily Update: Thursday, 12/10/09

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

Main Trend

Current Trend

The trend stayed down the entire day.

Today I only looked for short trades.

News events to watch for today :

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

Today’s Surf

7:45am 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. Plus this candle came right before a news report at 8:30am EST so I did not want to enter.

entry2

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

News events to watch for tomorrow:

  • 4:30am EST- UK PPI Input m/m
  • 8:30am EST- US Core Retail Sales m/m
  • 10:00am EST- US Prelim UoM Consumer Sentiment

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. fxfix

    Hi Pip Surfer,

    Thanks for another great video.

    If the news is at 8:30, would you get in on a trade at the beginning 7:45 candle or it’s still too close? What’s the rule?

    Thanks!

    Reply
  2. fxfix

    Hi Pip Surfer,

    Thanks for another great video.

    If the news is at 8:30, would you get in on a trade at the beginning 7:45 candle or it’s still too close? What’s the rule?

    Thanks!

    Reply
  3. Pip SurferPipSurfer

    Still too close. If at the close of the candle it is 30 minutes to the news, then I would definitely avoid it. I would really only be comfortable if at the close of the candle you had at least an hour of window space.

    Reply
  4. Pip SurferPipSurfer

    Still too close. If at the close of the candle it is 30 minutes to the news, then I would definitely avoid it. I would really only be comfortable if at the close of the candle you had at least an hour of window space.

    Reply
  5. DarthPip

    Hey Pip Surfer, just wanted to place a comment to say thank you very much for spending the time to make these great blog posts, I look forward to many more ^^.

    Reply
  6. DarthPip

    Hey Pip Surfer, just wanted to place a comment to say thank you very much for spending the time to make these great blog posts, I look forward to many more ^^.

    Reply
  7. fxfix

    Good Morning Pip Surfer,
    Thanks for your prompt response to my last posting! Do you have a limit for your risk/profit ratio? If I’m following the system correctly I’m risking right now 97 pips to make 27. (I know the system produces 70% winning trades but still…) Any comments?

    Thanks again!

    Reply
  8. mabidashraf

    @fixfix, as I understand there is no limit for Cowabunga system, however, I trade half lots if the stop is more than 50 pips. Hope that helps.

    Reply
  9. fxfix

    Good Morning Pip Surfer,
    Thanks for your prompt response to my last posting! Do you have a limit for your risk/profit ratio? If I’m following the system correctly I’m risking right now 97 pips to make 27. (I know the system produces 70% winning trades but still…) Any comments?

    Thanks again!

    Reply
  10. mabidashraf

    @fixfix, as I understand there is no limit for Cowabunga system, however, I trade half lots if the stop is more than 50 pips. Hope that helps.

    Reply

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