About Pip My System

Pip My System Author 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 system and apply it to an unsimple market. If you're new to the blog you should read this first.

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March 2008

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Cowabunga System Daily Update: Monday, 03/03/08

Posted 18:00 03 March 2008 by Pip Surfer
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.

News events to watch for today :

Today's Surf

2:30am 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 1.9842 with a stop at the most recent swing high at 1.9861. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9800.

Entry: Short at 1.9842
Stop: 1.9861
Initial Target: 1.9800

4:15am EDT- My target wasn't hit by this time. I knew that news was coming up at 4:30am EDT, so I went ahead and closed out my trade. I managed to exit at 1.9828.

6:45am 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 1.9828 with a stop at the most recent swing high at 1.9864. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9800.

Entry: Short at 1.9828
Stop: 1.9864
Initial Target: 1.9800

9:15am EDT- Unfortunately I was stopped out of my trade.

10:30am 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 1.9837 with a stop at the most recent swing high at 1.9936. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9800.

Entry: Short at 1.9837
Stop: 1.9936
Initial Target: 1.9800

4:00pm EDT- Unfortunately my target wasn't hit by this time. According to my rules, I exit all trades at 4:00pm EDT whether I'm positive or negative. I managed to exit at 1.9846 for a 9 pip loss.

entry2

Trade Result: +14 -36 -9= -31 pips; R-Multiple: 0.73; -1.00; -0.09

News events to watch for tomorrow :
  • 9:00am EDT- Fed Chairman Ben Bernanke Speaks
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Comments (2)

Hi there pip surfer. First of all i'd like to thank you for providing everyone here with a very simple and profitable system of trading in addition to updating your results every day. I'm sure everyone one of us in this forum appreciate your work. I am new to this forum and wanted to give my opinion on your trading system. I exclusively trade the GBP/JPY. I use a similar system, however the only difference is instead of a MACD Histogram, i replace it with the DMI indicator. I've noticed that you usually look for trends on the 4 hr chart and move down to the 15 min chart for entry's. I also use the 4 hr chart for a trend indicator, however, i use the 30 min chart for a entry point. I've noticed less false signals in the gbp/jpy using this time frame. I use similar exit points as well, both whole numbers of 50's and 00's for my trades as well. However, this is where the DMI comes in, if ADX is trending above 25, i usually stick with the trades for longer until ADX finally trends down. This leads to further gains, instead of your clean break rule which might leave you out of some possible extra profit. There are only two types of markets to trade in, trending and non trending. When market is trending, rely on ADX. Now when the market is not trending, which happens a lot, i've noticed my 30 minute EMA cross entry indicator often times tend to forecast moves too late. Thus, in NON trending markets when ADX is below 20, i usually plan my entries when the CANDLE CLOSES ABOVE or BELOW, depending on the direction of 4 hr trend, both the 5 AND 10 EMA's. However, before you get into the trade make sure RSI is in support whether above or below 50 depending on direction of 4 hr trend again. Check it out for all of you reading this. I have a minimum goal of 25 pips profit per day, and since November 2007, i have been successful. Pair: GBP/JPY Stochastic Slow: 10,3,3 RSI: 9 Smoothed MACD: 22,10,7 DMI: 10 Let me know what you guys think, you can back test it and try it out. Only thing trading the GBP/JPY requires is patience and the will to stay in trades even if you are in excess of 100 pip loss, because GBP/JPY is highly volatile. My Stop-Loss are similar to PIP SURFER, at the previous swing high's or low's.
don00100 | Posted 11:57 04 March 2008
Excellent post Don! I strongly recommend you post this on our forums under the "Free Forex Trading Systems" section. More people will see it and hopefully they can rake some of those profits in like you. Thanks for sharing and happy trading dude!!!
PipSurfer | Posted 12:59 04 March 2008

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