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

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

Main Trend

Current Trend

The trend stayed up the entire day.

Today I only looked for long trades.

News events to watch for today :

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.

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!
  • 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