Cowabunga System Daily Update: Wednesday, 09/08/2010

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

 

Main Trend

Current Trend

The trend was down until 4am EST. From 12am – 4am EST a new trend change candle formed and change the trend from down to UP. After 4am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 4am EST. After 4am EST, I only looked for long trades.

News events to watch for today :

Today’s Surf

9:30am EST- There was a valid signal here but because it was right before the 10am EST news I did not enter.

entry2

Trade Result: +0 Pips R-Multiple: N/A

News events to watch for Thursday:

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.

  • mabidashraf

    Hi there – I am back with a quick question for you. I know you clarified this couple of days back but can you share whether you trade same size of lots per trade or your lot size vary depending on the size of stop loss and whether the 2 approaches (fixed or variable lot size) will result in significant variation to the bottom line over the long-run.

  • allta

    Thanks for your video, I found it mostly informative and I’ve tried out this strategy and it does work, but one has to be more patient when the losses come streaming in.

    Ok, my question is about trading close/after news, how further do you normally stay out of trade from news release times. e.g. if a 2 star news release is suppose to be out at 9:00am, when can we safely stop trading before 9 and when can we start trading thereafter. Many Thanks.

  • mabidashraf

    Hi there – I am back with a quick question for you. I know you clarified this couple of days back but can you share whether you trade same size of lots per trade or your lot size vary depending on the size of stop loss and whether the 2 approaches (fixed or variable lot size) will result in significant variation to the bottom line over the long-run.

  • allta

    Thanks for your video, I found it mostly informative and I’ve tried out this strategy and it does work, but one has to be more patient when the losses come streaming in.

    Ok, my question is about trading close/after news, how further do you normally stay out of trade from news release times. e.g. if a 2 star news release is suppose to be out at 9:00am, when can we safely stop trading before 9 and when can we start trading thereafter. Many Thanks.

  • PipSurfer

    @mabidashraf- Hey friend, good to hear from you again :) The answer is that I use variable lot sizes or unit sizes so that it scales to my money management rules (i.e. Only risking x% per trade). So if the stop is wide then I may be trading smaller units and if the stop is small then I may be trading higher units. Keeping each trade consistent with the fixed % amount of my total trading capital produces a more streamlined profit on the bottom line. Hope that helps!

    @allta- If I am in a trade and news is at 9 I will hold my trade from 15 minutes before to right up before the release. If I’m in a loss then I’ll try to wait as long as I can to cut my losses as much as possible. Vice versa, if I’m in a profit I will wait as long as possible to capture as much profit. But you CAN wait until the very minute before the news release but on extremely important events, you might want to exit earlier than that. As far as trading after the news, you only have to stay out of the actual news candle. So in the example above, you would not trade if the 9:00-9:15 candle was a signal. However if the 9:15-9:30 candle produced a signal then it would be perfectly ok to enter. Hope that helps!

  • mabidashraf

    Thanks Pipsurfer – very helpful.

  • allta

    Thanks, same here, very helpful. The videos have helped me to polish the SL n TP side of the system……keep it up, I’m now going through most of the past videos on youtube.

  • PipSurfer

    @mabidashraf- Hey friend, good to hear from you again :) The answer is that I use variable lot sizes or unit sizes so that it scales to my money management rules (i.e. Only risking x% per trade). So if the stop is wide then I may be trading smaller units and if the stop is small then I may be trading higher units. Keeping each trade consistent with the fixed % amount of my total trading capital produces a more streamlined profit on the bottom line. Hope that helps!

    @allta- If I am in a trade and news is at 9 I will hold my trade from 15 minutes before to right up before the release. If I’m in a loss then I’ll try to wait as long as I can to cut my losses as much as possible. Vice versa, if I’m in a profit I will wait as long as possible to capture as much profit. But you CAN wait until the very minute before the news release but on extremely important events, you might want to exit earlier than that. As far as trading after the news, you only have to stay out of the actual news candle. So in the example above, you would not trade if the 9:00-9:15 candle was a signal. However if the 9:15-9:30 candle produced a signal then it would be perfectly ok to enter. Hope that helps!

  • mabidashraf

    Thanks Pipsurfer – very helpful.

  • allta

    Thanks, same here, very helpful. The videos have helped me to polish the SL n TP side of the system……keep it up, I’m now going through most of the past videos on youtube.

  • XRumerTest

    Hello. And Bye.

  • XRumerTest

    Hello. And Bye.

  • XRumerTest

    Hello. And Bye.

  • XRumerTest

    Hello. And Bye.