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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December 2007

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Cowabunga System Daily Update: Monday, 12/03/07

Posted 12:34 03 December 2007 | 9

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

Main Trend

Current Trend= The trend remained down until 11am EDT. From 7am - 11am EDT a new trend change candle formed and changed the trend from down to UP. After 11am EDT, the trend remained up the rest of the day.

Today I looked for short trades until 11am EDT. After 11am EDT I only looked for long trades.

Today's Surf

3:15am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0575 with a stop at the most recent swing high at 2.0635. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0550.

Entry: Short at 2.0575
Stop: 2.0635
Initial Target: 2.0550

3:45am EDT- My target was hit at at 2.0550. Price made a clean break of my target so I moved my stop to 2.0550 and set my next target for 2.0500.

4:30am EDT- Unfortunately I was stopped out at 2.0550.

Trade Result: +25 pips; R-Multiple: 0.41

News events to watch for tomorrow :

No major news events are coming out tomorrow

For a list of all of tomorrow's news events, check out our Forex Calendar

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: Tuesday, 12/04/07 15:49 04 December 2007
Cowabunga System Daily Update: Thursday, 12/13/07 12:07 13 December 2007
Cowabunga System Daily Update: Wednesday, 03/05/08 13:33 05 March 2008
Cowabunga System Daily Update: Wednesday, 01/16/08 13:32 16 January 2008
Cowabunga System Daily Update: Monday, 01/26/09 15:02 26 January 2009

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HI Cowabunga Dude, you are awesome..I have been following your blog for a couple of months now. I noticed that you calculated 15 pips on Monday's blog shouldn't it be 25 pips?

vbrown5897 | Posted 13:33 03 December 2007

Hi there, Thanx for everything. I am trying to test an expert advisor against your updates that you give, but find it very slow. I was wondering if you can provide a csv list of the information that you provide in your updates. This would make it a lot simpler to check if my advisor if following the system properly. Thanx again, GentooGeek

GentooGeek | Posted 01:15 04 December 2007

I'm having some trouble getting my RSI graph to look like yours, Pip Surfer. I changed it to an EMA based RSI rather than an SMA based RSI and that helped. However, if I set the parameters to 9, 0, 0 my graph does not match yours. If I set it to 14, 0, 0 (the default for my chart) it seems to match much better. Do you know why this is the case?

Pipslinger | Posted 04:42 04 December 2007

You risked 60pips for 25pips? Why did you not go for the amount of pips you had at risk(60)? Doesn't seem like a good risk/reward trade.

craigfx | Posted 08:53 04 December 2007

vbrown- haha thanks for catching that. Seems I had a case of the "Mondays"

Gento- I do have an excel spreadsheet of all my trades. Send an email through our "contact" page and I'll try to get it to you.

Pipslinger- That's odd. My settings are 9,0,0 with an SMA. I do not know why yours is different. I'm sorry I can't help you there. Ask your question on the forums and hopefully another trader can assist you.

Craig- The R/R ratio isn't always that bad. In fact, if you look at the month of November, our R/R was actually horrible, but we won over 80% of our trades. With this system you either get few wins but excellent R/R or a high percentage of wins with either a 1/1 or slightly worse R/R. Hope that helps.

Happy trading everyone!

PS

PipSurfer | Posted 10:14 04 December 2007

Love these reports :)

gryat | Posted 12:46 04 December 2007

How do you determine if initial target is going to be for 00/50 or for pips risked? Do you have a cut off? or do you not do pips risk anymore? Thanks

craigfx | Posted 13:43 04 December 2007

craig- If going for the nearest 50 or 00 level gives me at least 10 pips or more I'll usually go for it. However, anything less, and I usually like to go for the same amount of pips I am risking. On some occasions both methods will only net you 10 or less pips, so in those cases, you just kind of look for a good support or resistance level to take profit. Hope that helps!

PipSurfer | Posted 15:53 04 December 2007

Thanks, that clears that up.

craigfx | Posted 11:54 06 December 2007

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