Cowabunga System Daily Update: Wednesday, 01/30/2013

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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

1:45am 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 signal. I entered at the close of the candle at 1.5753 with a stop at the most recent swing low at 1.5739. Since I was 47 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5800.

Entry: Long at 1.5753; Stop: 1.5739; Target: 1.5800

3:30am EST- Unfortunately I was stopped out of my trade. (-14 pips)

5:00am 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 signal. I entered at the close of the candle at 1.5752 with a stop at the most recent swing low at 1.5723. Since I was 48 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5800.

Entry: Long at 1.5752; Stop: 1.5723; Target: 1.5800

8:00am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:15am EST, I decided to manually exit my trade. I got out at 1.5780. (+28 pips)

10:00am 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 signal. I entered at the close of the candle at 1.5781 with a stop at the most recent swing low at 1.5764. Since I was 19 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5800.

Entry: Long at 1.5781; Stop: 1.5764; Target: 1.5800

11:30am EST- My target was hit. Price didn’t make a clean break so I went ahead and took my final profit. I exited at 1.5798. (+17 pips)

entry2

Trade Result: -14 +28 +17= +31 pips R-Multiple: -1.00; 0.96; 1.00

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
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  • disqus_1EOA3KYuvQ

    Thanks for sharing this. I’ve just started trying cowabunga system and it is working great! I did exactly the same, got stopped out on the first one then made some pips on the other two! Is there a reason why you don’t trade it on mondays and fridays?