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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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Cowabunga System Update: Tuesday, 07/15/08

Posted 12:56 15 July 2008 | 2

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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.

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.

Cowabunga System Daily Update: Thursday, 07/17/08 15:37 17 July 2008
Cowabunga System Daily Update: Tuesday, 06/17/08 13:31 17 June 2008
Cowabunga System Daily Update: Tuesday, 12/16/08 12:59 16 December 2008
Cowabunga System Daily Update: Wednesday 12/17/08 13:48 17 December 2008
Cowabunga System Daily Update: Wednesday, 06/18/08 11:54 18 June 2008

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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.

MarkFx | Posted 13:34 15 July 2008

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.

vbrown5897 | Posted 15:05 15 July 2008

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