The Cowabunga System

[Cowaboi]

Good trading, Airborne

Chart below shows trend status of current 4hr cowabunga setup - still long. So i'm looking for longs on the original method and if there's an hourly close lower than 9650 i'll be looking for a short setup off my fib variant.

EDIT: 7:25 GMT - bounce off 9650 hrly fib support level and testing resistance on that same fib. There hasn't been a valid long cowa entry on my charts yet, even after this latest surge. There'll always be another to catch that's just right.

[Cowaboi]

...PipSurfer uses an FXCM feed. Using the FXCM feed through NetDania's PowerCharts there was a valid long entry at the close of the 7am (GMT) candle.

EDIT: 10:15gmt ....and 1st target @700 hit for 30 plus.

EDIT: 10:40 - the hourly fib map provided a 1.382 extension (T1) at 9742 from the chop over the last couple of sessions. Looks highly likely now that this will be hit and gives the second target for the cowabunga trade off the NetDania chart...note to self, start using NetDania for entries. Been using IT-Finance up until now as their MACD-H is easier to read....however if this is a 'topping' area the T1 has a stronger probability of failing...you could say if T1's aren't hit then this usually indicates trend reversal...we'll see. If T1 is hit then i'll be looking to walk the intraday fib again...

[Cowaboi]

The hrly fib T1 target has been hit. For me, the fib cycle that generated that target is now complete and it can do what it likes now. I'll pull the fib to a new swing once a retracement south kicks in, this will then provide new likely support/resistance areas and targets to aim for during the next cycle.

In the meantime, i'm still looking for valid cowabunga entries to trade long and will be using the original profit target rules, until the next hourly fib levels materialise and a new T1 is generated.

[Cowaboi]

A retracement now underway and the hrly intraday fib pulled using today's high and low to 'measure' how strong the retrace is....will price move down to the inner fib levels? If it does, will they support price? If they do, i'll be looking for a valid long cowa entry....but any other 15min entry signal found here or on other boards will suffice. The new T1 currently @9796 should today's current high hold.

Back to the waiting room

[Airborne]

Nice charting. Well got stopped overnight for a 1R loss. Counter trend did not work as I was against the cowabunga system. For now it still is pointing higher. I'm thinking longer term this one may try to move higher.

[Airborne]

Here is my update from the daily time frame. Is it possible a double bottom might trigger? It currently is finding some resistance.

[Airborne]

Took a small position long with stop 117 pips away. I'm thinking this might be a swing play long to tgt next resistance around 1.9955. Bias for trade is based off daily. Should it work R multiple @ 1.8. Position size risk set for 1%.

[Cowaboi]

...can't view your pic for some reason, Airborne??

[Airborne]

Originally Posted by Cowaboi

...can't view your pic for some reason, Airborne??

Cowaboi, not sure why. I used imageshack to host it and seems to work fine when I click on it.

[Airborne]

Now this is where things get interesting. My plan is to give it some room to develop. This means I'll need to sit tight when price moves against me. I've messed this up big time in the past. I would have a plan then panic and dump the position only to see it hit my target without me. This would then have a negative effect on my account. Not to mention my risk and position size was heavy. I guess I'm starting to understand the part about plan your trade and trade your plan.