Cowabunga System Daily Update: Tuesday, 01/11/2011

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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

1:15am 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.

6:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending down and MACD went from negative to positive. This was valid entry.

The entry was at the close of the candle at 1.5565 with a stop at the most recent swing low at 1.5511. Since I was 35 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5600.

Entry: Long at 1.5565 Stop: 1.5511 Target: 1.5600

9:00am EST- My target was hit. Price didn’t make a clean break so I exited my trade. I closed out my trade at 1.5598. (+33 pips)

11:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending down and MACD went from negative to positive. This was valid entry.

The entry was at the close of the candle at 1.5592 with a stop at the most recent swing low at 1.5544. Since I was only 8 pips away from the nearest 50 or 00 level (1.5600), I decided to go for the same amount of pips I was risking on the trade, which in this case was 48 pips. This put my initial target at 1.5636.

Entry: Long at 1.5592 Stop: 1.5544 Target: 1.5636

11:45am EST- My target was hit. Price didn’t make a clean break so I exited my trade. I closed out my trade at 1.5633. (+41 pips)

entry2

Trade Result: +33 +41= +74 pips R-Multiple: 0.61; 0.85

News events to watch for Wednesday:

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

    I love it when ive followed this system and then see your post and i have the exact same results!

  • PipSurfer

    awesome mercia! That’s the whole goal of the blog…to get you trading the cowabunga way!

  • Mercia

    I love it when ive followed this system and then see your post and i have the exact same results!

  • PipSurfer

    awesome mercia! That’s the whole goal of the blog…to get you trading the cowabunga way!