Cowabunga System Daily Update: 06/04/07

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

Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

Today’s Surf

4:00 am ET- 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 which was at 9843 with a stop at the most recent swing low which was at 9825. Since I was only 7 pips away from the nearest 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 18. This put my target at 9861.

5:15 am ET - My target was hit and the price made a clean break of 9861. Instead of taking final profit, I trailed my stop to this level and set my next target at 9900.

9:15 am ET- My target at 9800 was hit and the price didn’t make a clean break so I took my final profit.

Trade Result: +57 pips ; R-Multiple= 3.16

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  • cyclone_35

    Good work! I watched the pair all night but didn’t enter the trade because my MACD looks nothing like yours (it didn’t even get close to coming into negative territory before taking off again). Not sure why since I’m using the 12,26,9 setting. Oh well, we’ll try and catch the next one!

  • Paragon

    My MACD was positive and gaining value (same settings as above) which is why I also stayed out of the trade.

    Does anyone have any ideas as to why this may be?

  • Dyos

    Been reading the blog I love what I’ve read so far. Quick question though… Which broker do you currently use? Also, have you tried/compared multiple brokers? Currently I use forex.com but I haven’t experimented much. I want to make sure I’m getting best software features and not missing out on anything. Any recommendations?

  • cyclone_35

    Good work! I watched the pair all night but didn’t enter the trade because my MACD looks nothing like yours (it didn’t even get close to coming into negative territory before taking off again). Not sure why since I’m using the 12,26,9 setting. Oh well, we’ll try and catch the next one!

  • Paragon

    My MACD was positive and gaining value (same settings as above) which is why I also stayed out of the trade.

    Does anyone have any ideas as to why this may be?

  • Dyos

    Been reading the blog I love what I’ve read so far. Quick question though… Which broker do you currently use? Also, have you tried/compared multiple brokers? Currently I use forex.com but I haven’t experimented much. I want to make sure I’m getting best software features and not missing out on anything. Any recommendations?

  • JJS

    Hi. I have a possible solution for MACD problem. The chart package I use is IntelliChart. Under the drop down list for indicators I have 3 MACD choices. They are (1) MACD, (2) MACD Oscillator and (3) MACD Histogram Format. When I first set up my chart for the ?Cowabunga System? I chose to use the 3rd option for the MACD. My chart looked as you described and didn?t match the trade sample chart. When I changed to the 1st option I was able to see the trade setup as described. I have no idea as to why the two settings look different. I hope that helps you.

  • JJS

    Hi. I have a possible solution for MACD problem. The chart package I use is IntelliChart. Under the drop down list for indicators I have 3 MACD choices. They are (1) MACD, (2) MACD Oscillator and (3) MACD Histogram Format. When I first set up my chart for the ?Cowabunga System? I chose to use the 3rd option for the MACD. My chart looked as you described and didn?t match the trade sample chart. When I changed to the 1st option I was able to see the trade setup as described. I have no idea as to why the two settings look different. I hope that helps you.