Cowabunga System Daily Update: Friday, 06/01/2012

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

Main Trend

Current Trend

The trend was DOWN the entire day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

3:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.5348 with a stop at the most recent swing high at 1.5394. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5300.

Entry: Short at 1.5348 Stop: 1.5394 Target: 1.5300

4:15am EST- My target was hit. Since news was coming out at 4:30am EST I exited my trade and tried to grab as many pips as I could. I exited at 1.5287. (+61 pips)

entry2

Trade Result: +61 pips R-Multiple: 1.32

News events to watch for Monday:

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.

Like what you've read?
Join over 40,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!

2 comments

  1. Granticus_Maximus

    Looks like you had a good week mate. Your system seems pretty reliable based on what I’ve read from your updates. What’s the win/lose ratio like?

    Reply
  2. ESMONT

    i just finished the school.i always though u only buy when the trend is going up and sell when its higher than i bought,with all this examples i now know what it means to go short,thanks

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>