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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August 2007

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Cowabunga System Daily Update: 08/07/07

Posted 16:15 07 August 2007 | 3

If this is your first time visiting this blog, read this first!

Main Trend

Current Trend= The trend remained down the entire day.

Today's Surf

2:15 am ET- 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 which was at 2.0304 with a stop at the most recent swing high at 2.0335. Since I was only 4 pips away from the nearest 00 level (2.0300), I decided to go for the same amount of pips I was risking on the trade which in this case was 31. This put my target at 2.0273.

Entry: Short at 2.0304
Stop: 2.0335
Initial Target: 2.0273

3:15 am ET- My target was hit at 2.0273 and the candle made a clean break of that level. Instead of closing out my trade I trailed my stop to that level and went for my 2nd target at 2.0250.

3:30 am ET- Unofortunately I was stopped out at 2.0273 for a gain of +31 pips.

8:30 am ET- There was a valid signal here but it was the result of a major news event (USD Nonfarm Productivity) so I did not enter.

Trade Result: +31 pips; R-Multiple: 1.00

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: 07/11/07 15:55 11 July 2007
Cowabunga System Daily Update: 10/17/07 12:58 17 October 2007
Cowabunga System Daily Update: 09/10/07 13:14 10 September 2007
Cowabunga System Daily Update: 05/30/07 15:38 30 May 2007
Cowabunga System Daily Update: 07/30/07 18:29 30 July 2007

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well i was fowllowing the move today but Actully The 15 Min MACD never went to positive up to this moment !! (MACD defualt settings 12,26,9 ). Any explinations ?

lowy | Posted 17:30 07 August 2007

Well since we were looking for short trades, the MACD would have to be positive and then either turn negative or start losing value in order to have a valid signal. You can see from the chart that on our entry candle, the MACD histogram changed from positive to negative which makes it a valid trade.

PipSurfer | Posted 14:29 08 August 2007

i wanna ask some question about clean break... what if a candle break our target but pull back after? Example:(long @2.0220 , limit @2.0250 , stop @2.0205 at sometime the candle reach 2.0264 and pull back to 2.0248 in just 15 minutes.... if i close at 2.0250 but the candle make a clean break then i'll miss out target no.2 (2.0300) if i wait until the candle close then only close my trade i might be not earn the pips that i set.what's the solution?

leepaynesnake | Posted 09:11 10 August 2007

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