Cowabunga System Daily Update: Tuesday, 06/21/11

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 :

Today’s Surf

1:00am 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 1.6222 with a stop at the most recent swing low at 1.6204. Since I was 38 pips away from the nearest 50 or 00 level I decided to put my target at 1.6250.

Entry: Long at 1.6222 Stop: 1.6204 Target: 1.6250

4:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 4:30am EST I decided to manually exit my trade. I closed out at 1.6227. (+5 pips)

8:00am 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.


Trade Result: +5 pips R-Multiple: 0.27

News events to watch for Wednesday:

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

    Hi there! I would just like to thank you for blogging about trading on the 15-minute chart. I’m a newbie (started in May, and just started trading the 15-minute time frame as my main one two weeks ago), and it’s great to get real insight into a winning trader’s strategies. While I use different indicators (ADX and chart patterns), I’ve learned a lot of good trading techniques just from watching your blog (keeping mental profit targets and moving my stop loss if there’s a “clean break,” for example… love the risk:reward on it) that the school of pipsology didn’t cover. I really love your updates; keep up the good work!

  • pirana

    Hi, some sharing, actually i keep monitor and review the history of cawabunga trading system, if H4 bull candle cross MA still need stochastics below 50 and show up, only can find long entry point from 15 min… any 1 agree?