Cowabunga System Daily Update: Monday, 10/18/2010

If this is your first time visiting this blog, read this first! 

 

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

1:45am 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 1.5922 with a stop at the most recent swing high at 1.5950. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5900.

Entry: Short at 1.5922 Stop: 1.5950 Target: 1.5900

2:00am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5903. (+19 pips)

7:45am 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 1.5873 with a stop at the most recent swing high at 1.5903. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5850.

Entry: Short at 1.5873 Stop: 1.5903 Target: 1.5850

8:15am EST- Unfortunately I was stopped out of my trade. (-30 pips)

10:30am 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 1.5872 with a stop at the most recent swing high at 1.5915. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5850.

Entry: Short at 1.5872 Stop: 1.5915 Target: 1.5850

11:45am EST- My target wasn’t hit by this time. Since it was already 12pm EST, I decided to go ahead and exit my trade. I closed out at 1.5890 (-18 pips)

entry2

Trade Result: +19 -30 -18= -29 pips R-Multiple: 0.67; -1.00; -0.41

News events to watch for Tuesday:

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.

Like what you've read?
Join over 40,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!
  • quaid

    Hi there. I follow your blog religiously. Was wondering what your overall account status for the year is so far? Winning trades? Losing trades? Overall profit etc.

    Thanks.

  • quaid

    Hi there. I follow your blog religiously. Was wondering what your overall account status for the year is so far? Winning trades? Losing trades? Overall profit etc.

    Thanks.

  • PipSurfer

    Hey quaid,

    All the stats you want can be found on the FAQ page:

    /blogs/pip-my-system/cowabunga_system_faq.html

  • PipSurfer

    Hey quaid,

    All the stats you want can be found on the FAQ page:

    http://www.babypips.com/blogs/pip-my-system/cowabunga_system_faq.html