Partner Center Find a Broker

Due to technical difficulties yesterday, I did not get a chance to trade. Thankfully I was back in the markets today.

On a side note, I am pleased to announce BabyPips’ newest creation, ! 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 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 until 4am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 4am EST. After 4am EST, I only looked for short trrades.

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

Today’s Surf

1:15am EST- There was a moving average crossover for a long trade. However, stochastics were trending down which cancelled out the signal. There was no entry.

4:45am EST– 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 at 1.9488 with a stop at the most recent swing high at 1.9586. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9450.

Entry: Short at 1.9488
Stop: 1.9586
Initial Target: 1.9450

8:15am EST– My target wasn’t hit by this time and I knew that news was coming out at 8:30 so I went ahead and closed out my trade. I exited at 1.9470.


Trade Result: +18 pips : R-Multiple: 0.18

News events to watch for Monday :
  • 4:30am EST– UK Claimant Count Change
  • 5:30am EST– BOE Inflation Report
  • 8:30am EST– US CPI

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.