About Pip My System

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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+30 Pips for the Cowabunga system- 01/08/07

Posted 19:02 08 January 2007 | Comments

Main Trend

Current Trend= Down; New trend may be forming

Only looked for Short trades today

Today's Surf

The Cowabunga system produced a short signal at 5:15 AM ET today. The entry was at 9316. Usually I like to go for 00 or 50 levels but if I targeted 9300, that would only be a 16 pip gain. If you notice, my stop was at the most recent swing high which was at 9346 (30 pips). Hmm...risking 30 pips to get 16? It's not so great! So instead of targeting 9300, I decided to go for the same amount of pips I was risking, which was 30 pips. This effectively put my target at 9286 which was eventually hit at 8:15 AM ET.