Cowabunga System Daily Update: Wednesday, 07/18/2012

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

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

The entry was at the close of the candle at 1.5657 with a stop at the most recent swing low at 1.5631. Since I was 43 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5700.

Entry: Long at 1.5657 Stop: 1.5631 Target: 1.5700

4:00am EST- Unfortunately I got stopped out of my trade. (- 26 pips)

9:15am EST- I didn’t even look at this possible entry because it was close to the 10:00am EST news event.

entry2

Trade Result: -26 pips R-Multiple: -1.00

News events to watch for Thursday:

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.

  • forex brokers online

    It is unjust to push over individuals in to a program just to keep the many (broker) promoters on this website satisfied.

    • babypips

      BabyPips doesn’t force anybody to use this system. You are free to use it at your own discretion. If it’s not something you feel comfortable using, you don’t have to. After going through the School of PIpsology, many members ask for a system to demo trade, to get their feet wet. Many members actually use their own version of this system to trade on a real money account. The advertisers on our website have nothing to do with us offering this free system. Enjoy the system if you use it.

  • Joven

    your system just like the rest of the folks on this site is garbage. if your not willing to bet your whole house on one day then your system is not great.

    • Ericlee125

      Casino owners love guys liked you. You are right! Please bet everything you have in one day or else I will start to form opinion that your betting system is not good. Please tell me how it goes…

    • Pray4Joven

      Everyone is definitely entitled to their opinion, but if you’re going to criticize, you should should at least be mature enough to offer something constructive. 

    • Teddyj0406

      I agree that this system, or any system which is based upon indicators, is not my cup of tea. I believe that price action is the only way to go. That being said, not everyone believes the same thing or has the same abilities. This system may actually be good for some people. Remember, 90% of traders lose money. If this system is profitable it places it in the top 10% of trading systems.

      • JJ6845616

        Yupp that does make a sense..I think that almost every technical system if followed properly would be profitable in the long run always.

    • JJ6845616

      Mr.Johan he is a senior member of this site and he is doing so well since years.If u didn’t like his system than nobody is gonna insist you to follow him.

      • OB

         He is not doing well. He is losing his pants..It is unfair to sucker people in to a system just to keep the many (broker) advertisers on this site happy.

        • Lornascott13

          OB, nothing about your statement makes any sense. He is, in fact, doing rather well. Look at his cowabunga record from 2007-2012. As for suckering people in, how is that possible given that his system is completely free to use by anyone who visits babypips and no one is in anyway obligated to use his system? Visitors can freely choose to use or not use the cowabunga system. The choice is theirs. OB, you might want to employ some actual thought and fact checking before writing a comment.  

          • OB

             Maybe you should consider your facts before commenting Ms Scott. The system in question is only documented sporadically and if you paper track it it has devestating periods, not alone that it is not reproducible and is therefore not even a system as it is open to interpretation especially regarding what constitutes a clean break. Im not sure what you mean by visitors can or cannot use the system but implying the system is consistantly profitable is tantamount to fraud, the use of brokers as advertisers is very questionable. Where do the operators of this site make money? From trading or from the advertising revenue on this site? I doubt this post will stay active for long as i will probably be banned for upsetting Mr Cowabunga. Maybe he would like to comment. Especially on the losses recently

          • Lornascott15

            You
            have a special knack for neither making sense or applying any basic logic to
            your arguments, Mr. OB. But for the sake of your edification let’s start from
            the top. Error in logic #1 – The ‘devastating’ losses you reference is pure
            hyperbole on your part. Losses are a part of all trading systems which is why
            the proper application of risk management is crucial for long term success. The
            cowabunga system assumes users have completed the ‘babypips school’ program and
            understand the importance of having realistic expectations in addition to
            applying risk management. Many people using the cowabunga system have reported
            long term success with the system. You need only read the forums for adequate confirmation.
            Error #2 – Sporadic documentation. Wrong again. The system was thoroughly
            documented from 2007 to 2008 and has been routinely updated since. Very few
            systems available to the public for free have been this consistent and
            transparent in both its reporting and documentation. Error #3 – ‘some jibberish
            about not being reproducible’. Wrong once again. I’ve personally vetted for the
            results of cowabunga by achieving nearly identical live trading results
            to the author’s own results. If you are having difficulty understanding how
            cowabunga works or how you can replicate its results, I recommend reading the
            cowabunga FAQ more ‘slowly’ the next time around, Mr. OB.

          • Lornascott17

            Error #4 – ‘the accusation of fraud and questionable
            advertising’. This is where you really hang yourself. As I’ve already stated,
            this system is transparent and well documented. Any potential user can forward
            and back-test the system at their own freedom and discretion. The forums and even my own
            bank account already attest to its long term success as a system. As for the
            advertising found here, you do know that this is a “Forex” education
            website right? You’re not going to find ads for incontinence or prophylactic
            products on a ‘FOREX’ website. And remember that all content found on
            babypips can be accessed by the public for free. I’m sure babypips pay
            their bills through advertisement, but that is not a case for conflict of
            interest when the information presented here is available for free and without
            any obligation or condition whatsoever on the part of the visitor. In fact, a
            ‘bad’ trading system would actually dissuade people from clicking on the ads or
            even pursuing forex as a worthwhile endeavor. So Mr OB, as we draw full circle,
            not only do you still require fact checking, but you are also in dire need of
            some intelligent and critical thinking skills as well.

          • Lornascott13

            You have a special knack for neither making sense or
            applying any basic logic to your arguments, Mr. OB. But for the sake of your
            edification let’s start from the top. Error in logic #1 – The ‘devastating’
            losses you reference are pure hyperbole on your part. Losses are a part of all
            trading systems which is why the proper application of risk management is
            crucial for long term success. The cowabunga system assumes users have
            completed the ‘babypips school’ program and understand the importance of having
            realistic expectations in addition to applying risk management. Many people
            using the cowabunga system have reported long term success with the system. You
            need only read the forums for confirmation of that fact. Error #2 – Sporadic documentation.
            Wrong again. The system was thoroughly documented from 2007 to 2008 and has
            been routinely updated ever since. Very few systems available to the public for free
            have been this consistent and transparent in both it’s reporting and
            documentation. Error #3 – ‘some jibberish about not being reproducible’. Wrong
            once again. I’ve vetted for the results of cowabunga by achieving nearly identical live trading results to the author’s results.
            If you are having difficulty comprehending how cowabunga works, I recommend
            reading the cowabunga FAQ more ‘slowly’ the next time around, Mr. OB. Error #4
            - ‘the accusation of fraud and questionable advertising’. This is where you
            really hang yourself. As I have stated, this system is transparent and well documented.
            Any potential user can forward and backtest the system at their own freedom and
            discretion. The forums and even my own bank account can already attest to it’s
            long term success. As for the advertising found here, you do surely know that
            this is a “Forex” education website right? You’re not going
            to find ads for incontinence or prophylactic products on a ‘FOREX’ website. Remember that all
            content found on babypips.com can be accessed by the public for free. I’m sure
            babypips pay their bills through advertisement, but that is not a case for
            conflict of interest when the information presented here is available for free
            and without any obligation or condition whatsoever on the part of the visitor.
            In fact, a ‘bad’ trading system would actually dissuade people from clicking on
            the ads or even pursuing forex as a worthwhile endeavor. So Mr OB, as we draw full circle, not only do you still require fact
            checking but it seems you are also now in dire need of some intelligent and
            cogent thinking.

          • OB

            I am a full time profitable forex trader but i do not use this system. You are obviously using this system and are profitable, would you kindly post how you performed in the last month using this system and post the actual trades. I would love to hear your observations on the clean break. If you just want to give the backtest results that would be cool too. But correct me if i am wrong but it is impossible to backtest this system because it is open to interpretation or user emotion.
            Reply

          • JJ6845616

            Well your thoughts doesn’t prove that you are a profitable trader.Your reasons and questions shows that basically you have a negative view about forex.I have personally back tested the cawabunga system and it’s been performing well since the last 5 years.The most impressive thing in this system that it is really simple and user friendly.Why don’t you look at Cawabunga’s blog updates he never cheats his followers If he wins,he posts it if he loses he admits it in his blog.The entry/exit of this system are quite impressive and in the log term this system makes you really profitable.

          • OB

             I am not going to reply again..last post.. This is not a system. It is impossible to backtest. You are not backtesting the cowabunga ‘system’. A system does not depend on user intuition on when to exit and also on the clean break. Sometimes he closes trades because ‘the market has gone quiet or its late in the day’ How do you backtest this..adios amigos and dont put your house on the cowabunga system.

          • JJ6845616

            Don’t worry no one is gonna wait for your reply.Trading involves controlling your emotions first.A system is a set of rules which makes u obsessed to follow them.Ifthis is not a system than what is this according to your point of view?Can u tell me?Answer my question and also write here your teacher’s name.