Cowabunga System Daily Update: 04/16/07

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

Main Trend

Current Trend= The trend remained up the entire day

Today I only looked for long trades.

Today’s Surf

4:30 am ET – 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. However, this was a news candle for the GBP PPI report. According to my rules, I do not take signals if it forms from a news candle. No entry.

8:45 am ET- 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 which was at 9926 with a stop at the most recent swing low which was at 9895. Since I was 24 pips away from the nearest 50 level I decided to set my target at 9950.

10:00 am ET- Unfortunately I am stopped out of my trade.

11:30 am ET- 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 which was at 9914 with a stop at the most recent swing low which was at 9883. Since I was 36 pips away from the nearest 50 level I decided to set my target at 9950.

4:00 pm ET- My target is not hit at this time and I manually close out my trade at 9900.

Trade Result: -31 -14= -45 pips; R-multiple= -1.00; -0.45

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  • devyshka

    Woo-hoo…I just started demo trading today (again…it’s been a while). Using the Cowabunga System and watching GBPUSD. $3k start..I’ve made $20 in one trade. It looks like Cable is testing resistance it hasn’t been able to break…using technical analysis, I think the cable will decline. What do you think??

    Future Queen LaPipa

  • devyshka

    Woo-hoo…I just started demo trading today (again…it’s been a while). Using the Cowabunga System and watching GBPUSD. $3k start..I’ve made $20 in one trade. It looks like Cable is testing resistance it hasn’t been able to break…using technical analysis, I think the cable will decline. What do you think??

    Future Queen LaPipa

  • olliebean

    Please can you explain what MACD settings you are using? Your “So You’ve Finished The School Of Pipsology” post says 12,26,9 but looking at your charts it looks like you’ve changed the settings since then. My charts only match yours until the 2nd April; from the 3rd onwards MACD is different. Also the MetaTrader indicator still uses the old settings so I’m not getting all the same signals as you.

  • olliebean

    Please can you explain what MACD settings you are using? Your “So You’ve Finished The School Of Pipsology” post says 12,26,9 but looking at your charts it looks like you’ve changed the settings since then. My charts only match yours until the 2nd April; from the 3rd onwards MACD is different. Also the MetaTrader indicator still uses the old settings so I’m not getting all the same signals as you.

  • devyshka

    WOW! It looked like I was loud and wrong. The Cable plunged up overnight…it really surprised me, but good thing I stuck to my system and just watched the action. Others, I would have lost a ton of demo money…hee-hee!

    Future Queen LaPipa

  • devyshka

    WOW! It looked like I was loud and wrong. The Cable plunged up overnight…it really surprised me, but good thing I stuck to my system and just watched the action. Others, I would have lost a ton of demo money…hee-hee!

    Future Queen LaPipa

  • pipsurfer

    olliebean- The MACD settings are still 12,16,9. However, on my charting package I have the option to display the histogram in different ways. Many people told me that their MACD didn’t look like mine and I realized that I had to change my settings. Now the MACD that you see is the typical histogram that you will see on charting packages. The histogram should show you the difference between the 2 MACD lines. Hope that helps.

  • pipsurfer

    olliebean- The MACD settings are still 12,16,9. However, on my charting package I have the option to display the histogram in different ways. Many people told me that their MACD didn’t look like mine and I realized that I had to change my settings. Now the MACD that you see is the typical histogram that you will see on charting packages. The histogram should show you the difference between the 2 MACD lines. Hope that helps.

  • olliebean

    Thanks; it seems that MetaTrader’s default MACD indicator doesn’t have this option. But I found an alternative one online that looks the same as yours.

  • olliebean

    Thanks; it seems that MetaTrader’s default MACD indicator doesn’t have this option. But I found an alternative one online that looks the same as yours.