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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Cowabunga System Daily Update: Monday, 01/07/08

Posted 16:29 07 January 2008 | 8

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

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today's Surf

1:15am 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 1.9686 with a stop at the most recent swing high at 1.9710. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.

Entry: Short at 1.9686
Stop: 1.9710
Initial Target: 1.9650

2:45am EDT- My target was hit. Price did not make a clean break of my target so I took my final profit. I managed to get out at 1.9655.

7:45am EDT- 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 at 1.9711 with a stop at the most recent swing high at 1.9747. Since I was only 11 pips away from the nearest 50 or 00 level (1.9700) I decided to go for the same amount of pips I was risking on the trade, which in this case was 36. This put my initial target at 1.9675.

Entry: Short at 1.9711
Stop: 1.9747
Initial Target: 1.9675

10:45am EDT- Unfortunately I was stopped out.

11:15am EDT- 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 at 1.9686 with a stop at the most recent swing high at 1.9754. Since I was 36 pips away from the nearest 50 or 00 level, I decided to set my initial target at 1.9650.

Entry: Short at 1.9686
Stop: 1.9754
Initial Target: 1.9650

4:00pm ET- Unfortunately my target was not hit by this time. According to my rules I exit all trades at this time whether I'm up or down. I managed to get out at 1.9696 for a 10 pip loss.

Trade Result: +31 -36 -10= -15 pips; R-Multiple: 1.29, -1.00, -0.15

News events to watch for Monday :

10:00 EDT- US Pending Home Sales

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: Friday, 01/04/08 16:31 04 January 2008
Cowabunga System Daily update: Wednesday, 05/07/08 13:51 07 May 2008
Cowabunga System Daily Update: Monday, 04/14/08 12:23 14 April 2008
Cowabunga System Daily Update: 06/11/07 18:19 11 June 2007
Cowabunga System Daily Update: 04/06/07 13:20 08 April 2007

« Previous Entry Next Entry »

I took the first trade and was stopped out after getting within 3.8 pips of the 19650.00 target. Very disappointing. I guess prices must be slightly different on different vendor platforms?

jsc | Posted 17:11 07 January 2008

I lost also 16 pips, that was a sad day, but I am looking for better days. Do you really need to wait for the candle to open and close below/over the cross over line to enter the trade?

john50000 | Posted 17:43 07 January 2008

I only took the first trade, entry at 1.9722, SL 1.9760. My target wasn't hit but I got out before going to bet, at 1.9679. Thank God I went to sleep just before things got messy. :)

cristi12 | Posted 00:38 08 January 2008

Same here, jsc. I traded all three signals that Pipsurfer mentioned and my final result was more like -24 -36 -10. Those couple of pips would have made it a much nicer day for me.

Pipslinger | Posted 00:43 08 January 2008

Pipsurfer, upon closer inspection of your chart for the day, it looks like even your chart shows that you were a pixel or so above 1.9650 (yes, I opened up Paint). This tells me that your ask price never crossed 1.9650. What's up with that?

Pipslinger | Posted 00:51 08 January 2008

My target was hit on the first trade like PipSurfers. I'm thinking it's probably because of the different brokers.

DirkNowpipski | Posted 10:27 08 January 2008

John- Yes you do need to wait. Remember, you want the complete information before jumping in. You wouldn't invest in a stock if you only read half of its earnings report would you? :)

Pipslinger- My charts that I post are a generic feed because I don't want to show bias to any one broker. The broker that I use did in fact hit my target. Remember, I didn't quite get out at the exact target level because it only nipped it. I had to manually close my trade which is why I didn't get the full 36 pip profit. Hope that helps.

Thanks for the comments everyone. Happy trading!

-PS

PipSurfer | Posted 10:30 08 January 2008

Pipslinger - I also took the others as well, and my results were very close to yours. I've been using the system for a month and yesterday took me into negative expectancy (R multiple). Positive pips still .... just Really like this system as I understand it and can follow it easily on the evenings I'm home and its a good one to trade after work in Australia, the time zone here makes it good for me. Thanks for the efforts to share this with us every day PipSurfer!!!

jsc | Posted 15:34 08 January 2008

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