Cowabunga System Daily Update: Wednesday, 09/26/2012

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

7:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.6167 with a stop at the most recent swing high at 1.6202. Since I was 17 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.

Entry: Short at 1.6167 Stop: 1.6202 Target: 1.6150

8:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6152. (+15 pips)

10:45am 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 1.6144 with a stop at the most recent swing high at 1.6176. Since I was 44 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6100.

Entry: Short at 1.6144 Stop: 1.6167 Target: 1.6100

11:45am EST– My target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to go ahead and close out my trade. I exited at 1.6140. (+4 pips)

entry2

Trade Result: +15 +4= +19 pips R-Multiple: 0.42; 0.17

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.

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!
  • christinaa

    Thank you for the update!

    • Pip Surfer

      Thanks for checking out my blog, mate! Do you also trade mechanical systems?

      • christinaa

        i sent you a question via private msg. what other pair is good for this system? pls

  • kongha

    i also trade your system. Can you update everyday?
    tks!

    • Phepi

      yes, more often please :) is really amazing blog cheer keep going cowabunga dudes

  • kongha

    I also trade your system. Can you update everyday? so we can discuss to be better.
    your system is good.
    Tks

  • christinaa

    Pip Surfer pls help me what is another good pair to use this system on? pls help me

  • christina

    pls help pip surfer, what is another good pair to use this system on? pls help