Cowabunga System Daily Update: Tuesday, 01/12/2010

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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 Total Trade Balance
  • 8:30am EST- US Trade Balance

Today’s Surf

3:45am EST- There was a valid signal here but because it was right before a news report, I did not enter.

9:45am 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 1.6155 with a stop at the most recent low at 1.6140. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6200.

Entry: Long at 1.6155 Stop: 1.6140 Target: 1.6200

12:30pm EST- I manually exited my trade at 1.6172.

entry2

Trade Result: +17 pips (NOT INCLUDING SPREAD) R-Multiple: 1.13

News events to watch for tomorrow:

  • 4:30am EST- UK Manufacturing Production m/m
  • 10:30am EST- US Crude Oil Inventories
  • 2:00pm EST- US Beige Book

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.

  • cds4686

    Hi there Pipsurfer,

    I was wondering why you didn’t take the 4:30am (or was it 4:45) candle signal? It was right after a news report and I’ve seen you mention that you will trade right after a news candle, just not before it.

    Thanks.

  • niceguychisom

    Hi pipsurfer, thanks for sharing so much on this blog. I would like to know how much profit in percentage did the cowabunga make you for the year 2009. Moreover, what percentage of your balance do you risk per trade. Thanks a lot

  • cds4686

    Hi there Pipsurfer,

    I was wondering why you didn’t take the 4:30am (or was it 4:45) candle signal? It was right after a news report and I’ve seen you mention that you will trade right after a news candle, just not before it.

    Thanks.

  • niceguychisom

    Hi pipsurfer, thanks for sharing so much on this blog. I would like to know how much profit in percentage did the cowabunga make you for the year 2009. Moreover, what percentage of your balance do you risk per trade. Thanks a lot

  • mabidashraf

    Hi cds4686, 4:30 candle (ending at 4:45) was the news candle which gave the signal, hence no trade. Hope that helps.

  • Phantom14

    Hey Pipsurfer, love your blog! btw, how do you set your chart to show trend change candles?

  • mabidashraf

    Hi cds4686, 4:30 candle (ending at 4:45) was the news candle which gave the signal, hence no trade. Hope that helps.

  • Phantom14

    Hey Pipsurfer, love your blog! btw, how do you set your chart to show trend change candles?

  • cds4686

    Hi mabidashraf,

    Thanks for answering again. However, if I’m not mistaken, pipsurfer has mentioned before that he will take a signal from a news candle.

  • cds4686

    Hi mabidashraf,

    Thanks for answering again. However, if I’m not mistaken, pipsurfer has mentioned before that he will take a signal from a news candle.

  • PipSurfer

    cds- Mabidashraf is right on this one. I don’t take trades off of news candles. If the next candle (4:45) candle generated a signal then I would’ve entered. Hope that helps.

  • PipSurfer

    cds- Mabidashraf is right on this one. I don’t take trades off of news candles. If the next candle (4:45) candle generated a signal then I would’ve entered. Hope that helps.