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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February 2007

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Cowabunga System Daily Update: 02/09/07

Posted 14:19 09 February 2007 | 4

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

Main Trend

Current Trend= Trend remained down the entire day.

Today I only looked for short trades

Today's Surf

7:00 pm ET- There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, but MACD was negative. This was a false signal. No entry!

12:00 am ET- There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This was a valid entry. Entry was at the close of the candle which was at 9582 with a stop at the most recent swing high which was at 9601. Since the entry was after midnight and because I was 32 pips away from the nearest 50 level, I decided to go for 9550 as my initial target.

2:15 am ET- My target was hit at 9550 and the price made a clean break of that level. Instead of closing my trade, I moved my stop to that level and set my next target for 9500.

2:45 am ET- My second target was hit at 9500 but the price didn't make a clean break. I decided to take my final profit at that level.

Trade Result: +82 pips; R-Multiple= 4.31

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: 02/12/07 14:10 12 February 2007
Cowabunga System Daily Update: Friday, 05/09/08 16:22 09 May 2008
Cowabunga System Daily Update: 04/09/07 16:10 09 April 2007
Cowabunga System Daily Update: 01/18/08 12:12 18 January 2008
Cowabunga System Daily Update: 02/16/07 14:11 16 February 2007

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What do you consider a "clean break"? What is the precise criteria that constitutes this?

ybop01 | Posted 16:33 09 February 2007

Hi ! Nice run on GBP yesterday. MA crossover on my chart occurs 15 minutes later. You do require that MA(5) is of smaller value than MA(10) right ? If they are of the same value its not a cross ? Probably its different data. Also, at your entry point, Stoch %K is in oversold territory. Do you need both %K and %D to be

pacifier | Posted 20:10 09 February 2007

That was a great trade. Using your system along with my system I was able to make a 70 pip gain. I entered at 1.9571. I can't thank you enough for this website. It has helped me tremendously with my trading education and implementation.

barracuda905 | Posted 21:49 09 February 2007

ybop- A clean break is if the price can push through a level rather than just touch it. I usually like to see if a price can close below a level when deciding to move my stop or exit altogether.

pacifier- unless both lines on the stoch are well into overbought/oversold territory the trade is still ok. To put paragraphs in the comment box, add a

tag. It's HTML code that will make a line break.

bigpippin | Posted 10:33 12 February 2007

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