Cowabunga System Daily Update: Thursday, 11/29/2012

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Main Trend

Current Trend

The trend was DOWN until 3am EST. From 11pm – 3am EST, a new trend change candle formed and changed the trend from down to UP. After 3am EST the trend remained up the rest of the day.

Today I only looked for short trades until 3am EST. After 3am EST, I only looked for long trades.

News events to watch for today :

Today’s Surf

1:00am 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 1.6014 with a stop at the most recent swing high at 1.6020. Since I was 14 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6000.

Entry: Short at 1.6014 Stop: 1.6020 Target: 1.6000

2:00am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6002. (+12 pips)

3:00am EST- 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 at 1.6014 with a stop at the most recent swing low at 1.6000. Since I was 36 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.

Entry: Long at 1.6014 Stop: 1.6000 Target: 1.6050

3:15am EST- Unfortunately I was stopped out. (-14 pips)

3:45am EST- There was a valid entry here but since it was right before the 4:30am EST news I did not enter.

6:30am EST- 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 at 1.6018 with a stop at the most recent swing low at 1.6008. Since I was 32 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.

Entry: Long at 1.6018 Stop: 1.6008 Target: 1.6050

8:15am EST- My target was not hit by this time. Since news was coming out at 8:30am EST I decided to exit my trade. I closed out at 1.6047 (+29 pips)

10:30am EST- 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 at 1.6038 with a stop at the most recent swing low at 1.6012. Since I was 12 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.

Entry: Long at 1.6038 Stop: 1.6012 Target: 1.6050

11:45am EST- My target was not hit by this time. Since it was approaching 12 noon EST, I decided to close out my trade. I exited at 1.6030. (-8 pips)

entry2

Trade Result: +12 -14 +29 -8= +19 pips R-Multiple: 2.00; -1.00; 2.90; -0.30

News events to watch for Friday:

For a complete list of news events check out our Forex Economic Calendar.
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2 comments

  1. Mohiuddin

    Hello,I use your awesome cowbabunga system on my MT4 account.But it works with only GBP/USD pair.Can I use it with other major pair e.g. EUR/USD, AUD/USD.
    I am eagerly wait for your reply.

    Reply

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