Cowabunga System Daily Update: Tuesday, 12/15/09

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

Main Trend

Current Trend

The trend stayed up until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from up to DOWN. After 11am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 11am EST. After 11am EST, I only looked for short trades.

News events to watch for today :

  • 4:30am EST- UK CPI y/y
  • 8:30am EST- US PPI m/m
  • 9:00am EST- US TIC Long-Term Purchases
  • 9:15am EST- US Capacity Utilization Rate

Today’s Surf

2:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.6308 with a stop at the most recent low at 1.6271. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6350.

Entry: Long at 1.6308 Stop: 1.6271 Target: 1.6350

3:00am EST- Unfortunately I was stopped out of my trade.

entry2

Trade Result: -37 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00

News events to watch for tomorrow:

  • 4:30am EST- UK Claimant Count Change
  • 8:30am EST- US Core CPI m/m

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!

2 comments

  1. fxfix

    Hi Pip Surfer, wasn’t there another entry today at 11:45 AM?
    Please check today’s posted video. Seems to be last Thursday’s. Is there a video for Yesterday (Monday)?

    Thanks a lot!

    Reply
  2. fxfix

    Hi Pip Surfer, wasn’t there another entry today at 11:45 AM?
    Please check today’s posted video. Seems to be last Thursday’s. Is there a video for Yesterday (Monday)?

    Thanks a lot!

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>