Cowabunga System Update: Tuesday, 07/15/08

If you haven’t done so already , go check out BabyPips’ newest creation, FreshPips.com !

Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what’s “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.

Check it out, register, and start submitting cool Forex stories today!

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.

News events to watch for today :
  • 4:30am EST- UK CPI
  • 8:30am EST- US Retail Sales, PPI

Today’s Surf

1:00am 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 1.9980 with a stop at the most recent swing low at 1.9965. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0000.

Entry: Long at 1.9980

Stop: 1.9965

Initial Target: 2.0000

3:15am EST- My target was hit. Price made a clean break of my target so I moved my stop to 2.0000 and set my next target for 2.0050.

4:00am EST- My 2nd target was hit at 2.0050. Price made a clean break again so I moved my stop to 2.0050 and set my next target for 2.0100.

4:15am EST- Price gets as high as 2.0028 and starts to move back down. I know news is coming out at 4:30 so I try to get out with as many pips as possible. I manage to get out at 2.0019.

entry2

Trade Result: +139 pips (NOT INCLUDING SPREAD: R-Multiple: 9.26

News events to watch for tomorrow :
  • 4:30am EST- UK Claimant Count Change
  • 8:30am EST- US CPI
  • 9:00am EST- US TIC data

For a complete list of news events check out our News Section

Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.
  • MarkFx

    Could you comment on the stop loss for this trade and the swing low in general? It looks like you used the low for the entry candle itself as the swing low, which I don’t think I’ve seen happen before.

  • vbrown5897

    Interesting, I moved my stop up on the 2.0000 so how did you know to wait until the next candle to move up your stop so that you made all those pips. My xtick and my platform hit the 2.000 on the previous candle.

  • MarkFx

    Could you comment on the stop loss for this trade and the swing low in general? It looks like you used the low for the entry candle itself as the swing low, which I don’t think I’ve seen happen before.

  • vbrown5897

    Interesting, I moved my stop up on the 2.0000 so how did you know to wait until the next candle to move up your stop so that you made all those pips. My xtick and my platform hit the 2.000 on the previous candle.