Cowabunga System Daily Update: Wednesday, 09/22/2010

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


 

Main Trend

Current Trend

The trend was up the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

5:30am 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 1.5690 with a stop at the most recent swing low at 1.5615. Since I was only 10 pips away from the nearest 50 or 00 level at 1.5700 I decided to go for the same amount of pips I was risking on the trade, which in this case was 75. This put my initial target at 1.5765.

Entry: Long at 1.5690 Stop: 1.5615 Target: 1.5765

8:15am EST- Unfortunately I was stopped out of my trade. (-75 pips)

9:30am EST- There was a valid signal here but because it was right before the 10:00am EST news I did not enter.

entry2

Trade Result: -75 pips (Not including spread) R-Multiple: -1.00

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.

  • pipstar41

    Hey Pip Surfer!

    Thanks for updating your blog so often lately, i am watching your vids almost every day! Keep up the great work!

    I have one question concerning the cowabunga rules: what is the minimum amount of time that you want to have when you enter a trade before an important news event is coming up?

    Regards,

    Pipstar41

  • allta

    @pipstar41
    This question keeps coming up, I hope Pipsurfer puts it on his FAQ. I’ve asked the same question before and the answer was kinda subjective, but generally, you don’t want to be in a trade which is 2 to 3 candles away from the news candle. Say the news is at 10:00am, so the 10:00am candle is the news candle and you don’t want to be surfing the wave at 9:15am and must definitely get out of the waves before the open of the 9:30am candle.
    Hope this helps

    @ Pipsurfer….looks like September has been a loosing months for we the wave riders…..more wipeouts than gains as I noticed

  • pipstar41

    Hey Pip Surfer!

    Thanks for updating your blog so often lately, i am watching your vids almost every day! Keep up the great work!

    I have one question concerning the cowabunga rules: what is the minimum amount of time that you want to have when you enter a trade before an important news event is coming up?

    Regards,

    Pipstar41

  • allta

    @pipstar41
    This question keeps coming up, I hope Pipsurfer puts it on his FAQ. I’ve asked the same question before and the answer was kinda subjective, but generally, you don’t want to be in a trade which is 2 to 3 candles away from the news candle. Say the news is at 10:00am, so the 10:00am candle is the news candle and you don’t want to be surfing the wave at 9:15am and must definitely get out of the waves before the open of the 9:30am candle.
    Hope this helps

    @ Pipsurfer….looks like September has been a loosing months for we the wave riders…..more wipeouts than gains as I noticed

  • pipstar41

    thx for your reply allta!

  • pipstar41

    thx for your reply allta!

  • PipSurfer

    @pipstar- If the market has been ranging or we are not in a strong trend then I will only take trades if the entry candle closes at least 45 minutes before the actual news release. If the market has been trending strongly then I’ll bump that rule up to no later than 30 minutes before news. In either case I will always exit at the time of the news release.

    @allta- Thanks for helping. Also, September has been a bummer month but we just have to keep on catching waves! Happy trading dude!

  • PipSurfer

    @pipstar- If the market has been ranging or we are not in a strong trend then I will only take trades if the entry candle closes at least 45 minutes before the actual news release. If the market has been trending strongly then I’ll bump that rule up to no later than 30 minutes before news. In either case I will always exit at the time of the news release.

    @allta- Thanks for helping. Also, September has been a bummer month but we just have to keep on catching waves! Happy trading dude!