Cowabunga System Daily Update: Wednesday, 09/29/2010

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Main Trend

Current Trend

The trend was up until 8am EST. From 4am – 8am EST a new trend change candle formed and changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 8am EST. After 8am EST I only looked for short trades.

News events to watch for today :

Today’s Surf

10:15am 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 1.5791 with a stop at the most recent swing high at 1.5816. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5750.

Entry: Short at 1.5791 Stop: 1.5816 Target: 1.5750

12:00pm EST- My target wasn’t hit by this time and since it was noon I decided to use my discretion and cut my losses. I exited at 1.5805.

entry2

Trade Result: -14 pips (Not including spread) R-Multiple: -0.56

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

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  • JGForex10

    Hey dude just started following your strategy, looks quite low risk. Maybe bit of a stupid question, but i am a rookie ;) the trend change candles in your charts are black, is this something you change or is that part of your software setup ? any response is appreciated. Cheers

  • JGForex10

    Hey dude just started following your strategy, looks quite low risk. Maybe bit of a stupid question, but i am a rookie ;) the trend change candles in your charts are black, is this something you change or is that part of your software setup ? any response is appreciated. Cheers

  • PipSurfer

    @JG- this is part of the software I have. I use Xtick. Check out our FAQ for more answers to questions you may have. /blogs/pip-my-system/cowabunga_system_faq.html . Happy trading!

  • PipSurfer

    @JG- this is part of the software I have. I use Xtick. Check out our FAQ for more answers to questions you may have. http://www.babypips.com/blogs/pip-my-system/cowabunga_system_faq.html . Happy trading!