Cowabunga System Daily Update: Monday, 06/06/11

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 :

  • None

Today’s Surf

2:30am 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 valid entry.

The entry was at the close of the candle at 1.6439 with a stop at the most recent swing low at 1.6408. Since I was only 11 pips away from the nearest 50 or 00 level (1.6450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 31 pips. This put my initial target at 1.6470.

Entry: Long at 1.6439 Stop: 1.6408 Target: 1.6470

4:15am EST- Unfortunately I was stopped out of my trade. (-31 pips)

entry2

Trade Result: -31 pips R-Multiple: -1.00

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.

  • Fabulono

    what % of ur acct do you use in trading dis system pls?

  • CindyC

    very insightful!  Thanks for the post!