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Dude! So you've read just about everything you could possibly get your hands on about the Forex. Now you want to get your feet wet but aren't sure where to start. Well then this blog is for you! Follow along as I take a simple forex trading system and apply it to an unsimple market. If you're new to the blog you should read this first.

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May 2007

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Cowabunga System Daily Update: 05/30/07

Posted 15:38 30 May 2007 | 3

If this is your first time visiting this blog, read this first!

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today's Surf

1:30 am ET- 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 which was at 9812 with a stop at the most recent swing high which was at 9830. Since I was only 12 pips away from the nearest 00 level, I decided to set my target for the same amount of pips I was risking on the trade, which in this case was 18. This put my target at 9794.

2:30 am ET- My target was hit and the price made a clean break. I trailed my stop to 9794 (my initial target) and set my next target for 9750.

6:00 am ET- My target at 9750 was hit. Price didn't make a clean break so I took my final profit at 9750.

Trade Result: +62 pips ; R-Multiple= 3.44

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Update: Friday 06/08/07 15:30 11 June 2007
Cowabunga System Daily Update: 06/04/07 15:31 04 June 2007
Cowabunga System Daily Update: 04/03/07 15:24 03 April 2007
Cowabunga System Daily Update: 05/15/07 14:02 15 May 2007
Cowabunga System Daily Update: 05/17/07 14:19 17 May 2007

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Hello Great Bolg, one question, What parameters do you consider to distinguish between a clean break and one that isn�t?

robertocerda44 | Posted 17:48 30 May 2007

Hi PS -- the above is a good question. On top of that if I may ask, how do you do your set up. Meaning the trade started at 1:30am. Like my self I entered it then went back to sleep. I set my limit price also and got +20 pips the next morning. Do you set up a price alert which awakens you if the exit price is coming close and then to see if there is a clean break -- so unlike myself you do not use a limit price? Other wise one would have to be up all night watching the trade. Thanks.

pinetree | Posted 09:24 31 May 2007

PS, also what about the set up that occured around 11:25am later on that day. The sell entry was about 9743. However, the trade continued to 4:00pm which I had to exit at a 15 pip loss. Why did you not take that one -- thanks.

pinetree | Posted 10:31 31 May 2007

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