Cowabunga System Week 8 Results

For 7 consecutive weeks the Cowabunga System has posted strong returns, netting a 50% gain by turning my initial balance of $2,000 into $3,074.

​With a larger account balance, I have now decided to increase the trading lot size from 1 mini lot per trade to 1.5 mini lots this week.

So how did it go? Read on to find out...

Monday​

The week began with a 4h bullish trend from last week's GBPUSD rally:​

cowabunga system week 8 bullish

However, I didn't look for a buy signal because, if you noticed, the Stochastic line was pointing down.

A few hours later, the trend turned bearish:

cowabunga system week 8 day 1

Due to the time it took for the trend to change, there were no trade signals that day.

I'm secretly pleased with myself that I didn't force a trade earlier when there wasn't a valid trend.​

Tuesday​

On Tuesday, the bearish trend continued so I started looking for a sell ​signal.

cowabunga system week 8 day 2

The first signal came at 05:15 GMT, and I went short at 1.4376 with a stop loss at 1.4387 and the target at the 1.4350 round number.

cowabunga system week 8 trade 1

Unfortunately, the GBPUSD rallied to trigger my stop just before it collapsed down past my target, resulting in a -11 pip loss.

On hindsight, the 4h trend wasn't optimal as the Stochastic line was flat and not pointing down.​ But as they say... hindsight is 20/20.

Well... all I can do is take the loss in my stride and keep moving.​

At 07:15 GMT, another sell signal was ​issued so I went short at 1.4377 with a stop and target at 1.4367 and 1.4350 respectively. 

cowabunga system week 8 trade 2

This time, the target was hit quickly, booking me +27 pips of profit.

Already, things are starting to look up again.​ :)

Wednesday​

The downtrend continued into Wednesday, so I ​continued to look for sell trades:

cowabunga system week 8 day 3

The first sell signal of the day came at 08:45 GMT, and I went short at 1.4167. The stop loss and target profit were set at 1.4197 and 1.4150 respectively. 

cowabunga system week 8 trade 3

The market price missed my target by a few pips, then rallied up to trigger my stop before falling back down past my target (again)... resulting in a -30 pip loss.

If I didn't know better, I'd swear the market was out to get me. Grr!

A second sell signal wa​s issued shortly after this, and I went short again at 1.4156 with a stop loss at 1.4199. The target profit for this trade was set according to a 1:1 ratio at 1.4114.

cowabunga system week 8 trade 4

This trade turned out to be a monster win, chalking up +43 pips of profit.

Cowabungaa dude!

Thursday​

​On Thursday, the bearish trend remained intact:

cowabunga system week 8 day 4

Thus, according to the rules, I continued to look for sell signals.

The first trade of the day came early at ​06:45 GMT. I went short at 1.4085 with a stop loss at 1.4104 and the target at the 1.4050 round number.

cowabunga system week 8 trade 5

As you can see above, the GBPUSD initially moved in my favour, but suddenly swung back up to trigger my stop, resulting in a -19 pip loss.

"No sweat", I thought. "It's just 19 pips..."

A second sell signal was issued at 13:30 GMT​, and I went short at 1.4110 with a stop at 1.4147 and the target at 1.4100.

cowabunga system week 8 trade 6

The GBPUSD couldn't even move 10 pips to my target before swinging back up to trigger my stop for a consecutive losing trade. This trade turned out to be a big loss of -34 pips.

That was when I started to sweat a little.​

Then, at 19:45 GMT, a third sell signal appeared.

For this trade, I went short at  1.4148 with a stop and target at 1.4182 and 1.4100 respectively.

cowabunga system week 8 trade 7

Unfortunately, the allowable trading time for this trade expired and I had close the trade for a -4 pip loss, which added up to a total -57 pip loss for the day.

This turned out to be one of the worst days ever for the Cowabunga System. :(

Friday​

Friday was a bank holiday so I expected the GBPUSD to be quiet and for there not to be any trade setups.

However, a sell signal appeared​ at 11:00 GMT and I decided to give it a go.

I went short at 1.4131 with a stop at 1.4157 and the target at 1.4100.

cowabunga system week 8 trade 8

As expected, the market went nowhere so the trade was only closed at the end of the trading day for a +10 pip profit.

This was a small consolation to what was clearly a losing week, but it was nevertheless a win.

Cowabunga System Week 8 Performance​

Just as I'd raised my trading lot size, I had a losing week that took my account equity dangerously close to below $3,000.

Thankfully, the losses this week were mostly small, so they weren't too much of a setback.​

cowabunga system week 8 performance

Since my account still stands over the $3,000 mark, I will continue trading with 1.5 mini lots per trade next week.

If next week turns out to be another losing week however, my account will almost certainly be brought back to a sub-3k level.

So will the Cowabunga System​ continue performing?

Only time will tell.

Click Here to Leave a Comment Below 0 comments