Cowabunga System Daily Update: Tuesday, 08/07/2012

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

3:15am 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 1.5608 with a stop at the most recent swing low at 1.5562. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5650.

Entry: Long at 1.5608 Stop: 1.5650 Target: 1.5562

4:15am EST- My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I went ahead and manually exited my trade. I got out at 1.5617. (+9 pips)

entry2

Trade Result: +9 pips R-Multiple: 0.19

News events to watch for Wednesday:

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.

19 comments

  1. stevecheno

    I’m a newbie so please forgive my ignorance. I am using 2 and 5 EMA on a demo account. I find it triggers a trade earlier that your system. I am sure you have already tested this. So my question is: Why shouldn’t I be usinsg 2 and 5 EMA instead of your 5 and 10 EMA? I like your system and thank you for sharing it. It is very kind of you to help us who need help. Thanks.
    Stevecheno

    Reply
  2. Michael J Dillon

    Hello,this is your post: “The entry was at the close of the candle at 1.5608 with a stop at the most recent swing low at 1.5562. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5650.Entry: Long at 1.5608 Stop: 1.5650 Target: 1.5562″ you put the stop and target values in the wrong places,(yes I’m being Anal here) but my main thought is with your exit parameters before the news announcement, wouldn’t a better way to lock in a few pips and maybe gain more be to move the stop to +5 and ride out the news?

    Reply
  3. JJ6845616

    Great Cowabunga..you beautifully stick with your system and that should be the biggest weapon of every trader.

    Reply
  4. Forex trading guide

    Was able to fix how the thoughts came out,didn’t know it could be modified, it was all complicated with like value structure.

    Reply
  5. bears1804

    You should be congratulated for helping others with sharing your ideas. Can you tell me how successful your system has been?

    Reply
  6. Michael J Dillon

    Was able to repair how the comment came out,didn’t know it could be edited, it was all garbled with like code format.

    Reply

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