Cowabunga System Daily Update: Tuesday, 09/07/2010

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

 

Main Trend

Current Trend

The trend was down the entire day.

Today I only looked for short trades.

News events to watch for today :

  • None

Today’s Surf

1:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.5369 with a stop at the most recent swing high at 1.5387. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5350.

Entry: Short at 1.5369 Stop: 1.5387 Target: 1.5350

3:00am EST- Unfortunately I was stopped out of my trade. (-18 pips)

4:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative.. This was a valid entry.

The entry was at the close of the candle at 1.5358 with a stop at the most recent swing high at 1.5423. Since I was only 8 pips away from the nearest 50 or 00 level (1.5350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 65 pips. This put my initial target at 1.5293.

Entry: Short at 1.5358 Stop: 1.5423 Target: 1.5293

11:45am EST- Unfortunately my target wasn’t hit by this time. Since it was approaching noon and the market looked to be bottoming out at 1.5300, I went ahead and manually exited my trade. I closed out at 1.5313. (+45 pips)

entry2

Trade Result: -18 +45= +27 Pips R-Multiple: -1.00; 0.69

News events to watch for Wednesday:

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.

  • alandarcy

    Dear Cowabunga,

    I live in the Canary Isles, spot in the centre of G.M.T. and, following your system to the letter, plan to trade GBP/USD in the European time span of 8.00 a.m. to 4.30 p.m.

    Do you have any comments, hints, or anything else you think I should know dealing during this trading time?

    I look forward to hearing from you, and thank you in anticipation for your advice.

    Kind regards,

    Alan D’Arcy

  • alandarcy

    Dear Cowabunga,

    I live in the Canary Isles, spot in the centre of G.M.T. and, following your system to the letter, plan to trade GBP/USD in the European time span of 8.00 a.m. to 4.30 p.m.

    Do you have any comments, hints, or anything else you think I should know dealing during this trading time?

    I look forward to hearing from you, and thank you in anticipation for your advice.

    Kind regards,

    Alan D’Arcy

  • leelar

    I have +30 pips on USDJPY today from 9:00pm to 12am New York EST time. Thanks

  • leelar

    I have +30 pips on USDJPY today from 9:00pm to 12am New York EST time. Thanks

  • PipSurfer

    @alandarcy- I think that would be ok. The only problem I see is that you may miss trades. The system was tested on the 12am to 12 pm EST time frame and if trades are missed, it could skew the results. However, I’ve never tested this so it might work out. Just be sure you test it first :) Happy trading!

  • PipSurfer

    @alandarcy- I think that would be ok. The only problem I see is that you may miss trades. The system was tested on the 12am to 12 pm EST time frame and if trades are missed, it could skew the results. However, I’ve never tested this so it might work out. Just be sure you test it first :) Happy trading!