Cowabunga System Daily Update: Wednesday, 10/06/2010

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 :

  • None

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 1.5915 with a stop at the most recent swing low at 1.5899. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5950.

Entry: Long at 1.5915 Stop: 1.5899 Target: 1.5950

2:00am EST- Unfortunately I was stopped out of my trade. (-16 pips)

4:45am 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 1.5915 with a stop at the most recent swing low at 1.5883. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5950.

Entry: Long at 1.5915 Stop: 1.5883 Target: 1.5950

6:00am EST- Unfortunately I was stopped out of my trade. (-32 pips)

10:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

entry2

Trade Result: -16 -32= -48 pips R-Multiple: -1.00; -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.

  • jersoner

    Hey pip surfer, i know you like to swing trade other currencies, any info on some other systems you have? btw i really do enjoy this for gbpusd, i used to stay away from this pair for a while, but after testing cowabunga on demo for 4m its def profitable ! plus i enjoy the discipline it teaches you, great for new/old traders. pips be with you. -jersONEr

  • jersoner

    Hey pip surfer, i know you like to swing trade other currencies, any info on some other systems you have? btw i really do enjoy this for gbpusd, i used to stay away from this pair for a while, but after testing cowabunga on demo for 4m its def profitable ! plus i enjoy the discipline it teaches you, great for new/old traders. pips be with you. -jersONEr