Cowabunga System Daily Update: Thursday, 10/14/2010

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

7:30am 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 1.6049 with a stop at the most recent swing low at 1.6003. Since I was only 1 pip away from the nearest 50 or 00 level (1.6050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 46 pips. This put my initial target at 1.6095.

Entry: Long at 1.6049 Stop: 1.6003 Target: 1.6095

8:15am EST- My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade and cut my losses. I exited at 1.6032. (-17 pips)

entry2

Trade Result: -17 Pips (Not including spread) R-Multiple: -0.37

News events to watch for Friday:

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. jrasul

    ” Since I was only 1 pip away from the nearest 50 or 00 level (1.6050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 46 pips”

    What do you mean there Pip Surfer? Can you please explain?

    Reply
  2. jrasul

    ” Since I was only 1 pip away from the nearest 50 or 00 level (1.6050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 46 pips”

    What do you mean there Pip Surfer? Can you please explain?

    Reply
  3. nickandre

    @jrasul
    The targets for these trades are usually the nearst 00 or 50 level(1.5400 or 1.5450, etc). So when he entered, the nearest 00 or 50 level was just 1pip away..meaning if he used it as a target he’d have a 1pip profit. So instead of doing that, he targeted the amount of pips he was risking, which in this case was 46pips. hope that helps!

    Reply
  4. nickandre

    @jrasul
    The targets for these trades are usually the nearst 00 or 50 level(1.5400 or 1.5450, etc). So when he entered, the nearest 00 or 50 level was just 1pip away..meaning if he used it as a target he’d have a 1pip profit. So instead of doing that, he targeted the amount of pips he was risking, which in this case was 46pips. hope that helps!

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>