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.

  • 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!

  • 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!

  • PipSurfer

    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.

  • PipSurfer

    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.

  • 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 ^^.

  • 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 ^^.

  • ja5on

    can i ask at what time do u start looking for signals for entry? u do not play tokyo market open?

  • ja5on

    can i ask at what time do u start looking for signals for entry? u do not play tokyo market open?

  • 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!

  • mabidashraf

    @ja5on, 12am EST is the time pipsurfer starts looking for signals

  • 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.

  • fxfix

    Thanks for your input mabidashraf!

  • 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!

  • mabidashraf

    @ja5on, 12am EST is the time pipsurfer starts looking for signals

  • 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.

  • fxfix

    Thanks for your input mabidashraf!