Cowabunga System Daily Update: Tuesday, 10/12/2010

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Main Trend

Current Trend

The trend was down the entire day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

12:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.5889 with a stop at the most recent swing high at 1.5914. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5850.

Entry: Short at 1.5889 Stop: 1.5914 Target: 1.5850

1:30am EST- Unfortunately I was stopped out of my trade. (-25 pips)

1:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.5886 with a stop at the most recent swing high at 1.5916. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5850.

Entry: Short at 1.5886 Stop: 1.5916 Target: 1.5850

4:00am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5855. (+31 pips)

8:15am 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 1.5834 with a stop at the most recent swing high at 1.5858. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5800.

Entry: Short at 1.5834 Stop: 1.5858 Target: 1.5800

8:45am EST- Unfortunately I was stopped out of my trade (-24 pips)

9:15am 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 1.5834 with a stop at the most recent swing high at 1.5860. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5800.

Entry: Short at 1.5834 Stop: 1.5860 Target: 1.5800

9:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. Also because it was right before a news event I already had the mindset of closing out my trade regardless. With that in mind I tried to grab as many pips as possible and exited at 1.5798 (+36 pips)

entry2

Trade Result: -25 +31 -24 +36= +18 Pips (Not including spread) R-Multiple: -1.00

News events to watch for Wednesday:

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.

6 comments

  1. Dredding82

    Well i have been trading for some time now and came across this site like a year ago……..anyways if you follow this system….for your stop loss you need to add your spread plus 1 pip to it…..then unlike mister pip surfer more of your trades would be winners like 80% more!!! And i say add your spread plus 1 pip due to how your broker uses bid/ask for the SL or TP point….price (ask) will always hit the last high…..its a fact but your need to care about the bid when selling and the ask when buying….its pretty simple then the 2 losses he had yesterday would have been winners for alot more profit then 18 pips……..yes i know you can trade big lots and only make a few pips, but why? i trade 13 pairs instead with smaller lots….makes me more likely to have a profit for the day LATER HATERS!! lol

    Reply
  2. Dredding82

    Well i have been trading for some time now and came across this site like a year ago……..anyways if you follow this system….for your stop loss you need to add your spread plus 1 pip to it…..then unlike mister pip surfer more of your trades would be winners like 80% more!!! And i say add your spread plus 1 pip due to how your broker uses bid/ask for the SL or TP point….price (ask) will always hit the last high…..its a fact but your need to care about the bid when selling and the ask when buying….its pretty simple then the 2 losses he had yesterday would have been winners for alot more profit then 18 pips……..yes i know you can trade big lots and only make a few pips, but why? i trade 13 pairs instead with smaller lots….makes me more likely to have a profit for the day LATER HATERS!! lol

    Reply
  3. jsd1004

    So you managed to get out within a pip or two of the low for the period? Can you tell us exactly when you closed your trade and what you would have done if it had subsequently turned out to be a clean break?

    Reply
  4. jsd1004

    So you managed to get out within a pip or two of the low for the period? Can you tell us exactly when you closed your trade and what you would have done if it had subsequently turned out to be a clean break?

    Reply

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