Cowabunga System Daily Update: Thursday, 11/11/10

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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 1.6148 with a stop at the most recent swing low at 1.6134. Since I was only 2 pips away from the nearest 50 or 00 level (1.6150), I decided to go for the same amount of pips I was risking on the trade which in this case was 14 pips. This put my initial target at 1.6162.

Entry: Long at 1.6148 Stop: 1.6134 Target: 1.6162

2:15am EST- Unfortunately I was stopped out of my trade. (-14 pips)

2:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were trending down. This cancelled out the signal and I did not enter.

5:45am 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 1.6147 with a stop at the most recent swing low at 1.6101. Since I was only 3 pips away from the nearest 50 or 00 level (1.6150), I decided to go for the same amount of pips I was risking on the trade which in this case was 14 pips. This put my initial target at 1.6193.

Entry: Long at 1.6147 Stop: 1.6101 Target: 1.6193

12:00pm EST- My target wasn’t hit by this time. Since it was 12 noon I decided to go ahead and exit my trade. I closed out my trade at 1.6141 (-6 pips)

entry2

Trade Result: -14 -6 = -20 pips R-Multiple: -1.00; -0.13

News events to watch for Friday:

For a complete list of news events check out our Forex Economic Calendar.
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  • PipItEasy

    I try this system on demo for 3 months and I have nearly the same results. But all in all I don’t think that the system longer works! what are you thinking about it??

  • jsd1004

    The system works if you are being sponsored by all the big brokers in the world. The real money in forex is either being a broker or getting revenue from them. Dont forget babypips.com is funded by fxcm et al. What you think babypips?

  • PipItEasy

    I try this system on demo for 3 months and I have nearly the same results. But all in all I don’t think that the system longer works! what are you thinking about it??

  • jsd1004

    The system works if you are being sponsored by all the big brokers in the world. The real money in forex is either being a broker or getting revenue from them. Dont forget babypips.com is funded by fxcm et al. What you think babypips?

  • PipItEasy

    I don’t know if I understood your answer right?! Do you mean that the reason for this blog is only to enriches brokers?
    But I don’t think that babypips.com is funded by fxcm, that is only an advertisement like from the ohter brokers and so on! Please tell me your opinion! ;-)

  • PipItEasy

    I don’t know if I understood your answer right?! Do you mean that the reason for this blog is only to enriches brokers?
    But I don’t think that babypips.com is funded by fxcm, that is only an advertisement like from the ohter brokers and so on! Please tell me your opinion! ;-)