Cowabunga System Daily Update: Thursday, 09/30/2010

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

3:00am 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 1.5855 with a stop at the most recent swing low at 1.5812. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5900.

Entry: Long at 1.5855 Stop: 1.5812 Target: 1.5900

5:00am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5895. (+40 pips)

entry2

Trade Result: +40 pips (Not including spread) R-Multiple: 0.93

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 your resilient posting. I caught last night’s entry as well. It was textbook. Hopefully this is the beginning of a wave of wins!

  • allta

    Great job, it sure feels good to win after a while. Quick question, do you have a total value for the pips’ PnL for this month of September?

  • Spinal

    Hey Pipsurfer – I’m learning a lot about trading from your blogs – much appreciated! I got in on this trade but I’m still a little unsure on the exit timing and what a clean break looks like. I get the feeling it comes down to how fast the price moves and how far past your 1st target price goes but it’s difficult for me to quantify. Can you explain a little more about your thought process on clean breaks? – thanks!

  • allta

    @myself …. I did the recap, looks like we’re down -141pips in September….yikes!

  • mraugustyn

    Pipsurfer,

    Thanks for your resilient posting. I caught last night’s entry as well. It was textbook. Hopefully this is the beginning of a wave of wins!

  • allta

    Great job, it sure feels good to win after a while. Quick question, do you have a total value for the pips’ PnL for this month of September?

  • Spinal

    Hey Pipsurfer – I’m learning a lot about trading from your blogs – much appreciated! I got in on this trade but I’m still a little unsure on the exit timing and what a clean break looks like. I get the feeling it comes down to how fast the price moves and how far past your 1st target price goes but it’s difficult for me to quantify. Can you explain a little more about your thought process on clean breaks? – thanks!

  • allta

    @myself …. I did the recap, looks like we’re down -141pips in September….yikes!

  • rob1

    Hi Pipsurfer, is Xtick the only charting software thats out there with trend changing candles? By the way I did 25 pips using your system thank you!

  • rob1

    Hi Pipsurfer, is Xtick the only charting software thats out there with trend changing candles? By the way I did 25 pips using your system thank you!

  • blackoak31

    Dear friend i am new to babypips …i really wanna know about forex trading…it seems like a hurdle…Im looking to start with 200 dollars i need to liberate myself and family from poverty by doing something ,a friend told me abt forex but i dont have a knowledge of how it works pls help me…yu can leave a mail for me on blackoak31@yahoo.com…thank you

  • blackoak31

    Dear friend i am new to babypips …i really wanna know about forex trading…it seems like a hurdle…Im looking to start with 200 dollars i need to liberate myself and family from poverty by doing something ,a friend told me abt forex but i dont have a knowledge of how it works pls help me…yu can leave a mail for me on blackoak31@yahoo.com…thank you