Cowabunga System Daily Update: Tuesday, 01/19/2010

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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 Core Consumer Price Index
  • 9:00am EST- US Net Long-term TIC Flows

Today’s Surf

12:30am 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 1.6407 with a stop at the most recent low at 1.6396. Since I was 43 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6450.

Entry: Long at 1.6407 Stop: 1.6396 Target: 1.6450

12:45am EST- Unfortunately I was stopped out of my trade.

1:00am 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 1.6411 with a stop at the most recent low at 1.6396. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6450.

Entry: Long at 1.6422 Stop: 1.6396 Target: 1.6450

3:45am EST- Unfortunately I was stopped out of my trade.

4:15am EST- There was a valid signal here but because it was right before a news candle I did not enter.

9:30am 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 1.6365 with a stop at the most recent low at 1.6310. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6400.

Entry: Long at 1.6365 Stop: 1.6310 Target: 1.6400

12:00pm EST- I went ahead and manually exited my trade at 1.6370.

entry2

Trade Result: -11 -15 +5= -21 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; -1.00; 0.09

News events to watch for tomorrow:

  • 4:30am EST- UK MPC Meeting Minutes
  • 8:30am EST- US PPI 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.

  • addefta

    Hey dude!You are doing a great job.Seriously.
    I am trying to setup the system on my account in
    such a way that it gives me signals(emails) when
    it’s time to enter.This is why I follow very closly your
    posts.
    I noticed today that you took the 9:30 AM (your time) candle.But on my chart(using OsMA, not MACD), also we did had a EMA cross, RSI ok, Sto OK, but MACD histogram \
    (OsMA) is was already positive since 9:00 candle.So,
    my system din’t show that entry signal.
    I read about couple of differences from broker to broker,
    but I just wated to make sure.What was your MACD at 9:30 candle ?
    Thanks again and keep up the good work.

  • mabidashraf

    @addefta: At the end of 9:15 and 9:30 candle, MACD was -0.1 and +2.1 respectively. You may use http://www.alertfx.com/ for cross-over alerts.

  • mabidashraf

    @pipsurfer: Thanks for the appreciation. I owe you back this for all your help in the past. My name is M. Abid Ashraf and hence the username mabidashraf. Regards. Abid

  • addefta

    Hey dude!You are doing a great job.Seriously.
    I am trying to setup the system on my account in
    such a way that it gives me signals(emails) when
    it’s time to enter.This is why I follow very closly your
    posts.
    I noticed today that you took the 9:30 AM (your time) candle.But on my chart(using OsMA, not MACD), also we did had a EMA cross, RSI ok, Sto OK, but MACD histogram \
    (OsMA) is was already positive since 9:00 candle.So,
    my system din’t show that entry signal.
    I read about couple of differences from broker to broker,
    but I just wated to make sure.What was your MACD at 9:30 candle ?
    Thanks again and keep up the good work.

  • mabidashraf

    @addefta: At the end of 9:15 and 9:30 candle, MACD was -0.1 and +2.1 respectively. You may use http://www.alertfx.com/ for cross-over alerts.

  • mabidashraf

    @pipsurfer: Thanks for the appreciation. I owe you back this for all your help in the past. My name is M. Abid Ashraf and hence the username mabidashraf. Regards. Abid

  • kneppies

    Hey Dude, just like to thank you for the system.I have been following the system for the past 4 months on a demo.Decided tonight was the night to go live and picked up 29pips. Great Blog, thanks

  • kneppies

    Hey Dude, just like to thank you for the system.I have been following the system for the past 4 months on a demo.Decided tonight was the night to go live and picked up 29pips. Great Blog, thanks