Cowabunga System Daily Update: Thursday, 09/23/2010

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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

1:45am 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 1.5659 with a stop at the most recent swing low at 1.5645. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5700.

Entry: Long at 1.5659 Stop: 1.5645 Target: 1.5700

3:15am EST- Unfortunately I was stopped out of my trade. (-14 pips)

4:00am 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 1.5664 with a stop at the most recent swing low at 1.5633. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5700.

Entry: Long at 1.5664 Stop: 1.5633 Target: 1.5700

4:30am EST- Unfortunately I was stopped out of my trade. (-31 pips)

5:30am 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 1.5673 with a stop at the most recent swing low at 1.5610. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5700.

Entry: Long at 1.5673 Stop: 1.5610 Target: 1.5700

6:15am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5695. ( +22 pips)

8:30am EST- There was a valid signal here but because it was a news candle I did not enter.

entry2

Trade Result: -14 -31 +22= -23 pips (Not including spread) R-Multiple: -1.00; -1.00; 0.35

News events to watch for Friday:

For a complete list of news events check out our Forex Economic Calendar.
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  • mraugustyn

    Pipsurfer,

    Thanks for the morale boost. It certainly has been a rough couple of months with the system. I appreciate you continuing to update daily.

  • mraugustyn

    Pipsurfer,

    Thanks for the morale boost. It certainly has been a rough couple of months with the system. I appreciate you continuing to update daily.

  • Lordpipi

    Pipsurfer if I may ask,

    Is this the only system use use when u trade on your live account of you also have other techniques you use?

    I would really appreciate a response from you. Many thanks

  • Lordpipi

    Pipsurfer if I may ask,

    Is this the only system use use when u trade on your live account of you also have other techniques you use?

    I would really appreciate a response from you. Many thanks

  • PipSurfer

    @mragustyn- I’m right there with you. If you’ve been around then these droughts become easier to take. Just gotta keep staying disciplined and you will be rewarded in the long run!

    @Lordpipi- I do have other systems I trade but are more longer term strategies. I do not like to trade 2 of the same style of system (i.e. 2 daytrading systems, 2 swing trade systems).

  • PipSurfer

    @mragustyn- I’m right there with you. If you’ve been around then these droughts become easier to take. Just gotta keep staying disciplined and you will be rewarded in the long run!

    @Lordpipi- I do have other systems I trade but are more longer term strategies. I do not like to trade 2 of the same style of system (i.e. 2 daytrading systems, 2 swing trade systems).