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.

Cowabunga System FAQ

Track Record 2007

Track Record 2008

Latest Posts

April 2008

S M T W T F S
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30

Cowabunga System Daily Update: Wednesday, 04/09/08

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

Sorry dudes. No video today! I promise I'll put one up when I have the time. Unfortunately trading is not the only thing in my life :)

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :
  • 4:30am EST- UK Industrial Production
  • 9:30am EST- US Fed Chairman, Bernanke speaks

Today's Surf

6:15am EST- 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 1.9681 with a stop at the most recent swing high at 1.9724. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.

Entry: Short at 1.9681
Stop: 1.9724
Initial Target: 1.9650

7:45am EST- Unfortunately I was stopped out of my trade. Yikes!

entry2

Trade Result: -43 pips: R-Multiple: -1.00

News events to watch for tomorrow :
  • 7:00am EST- BOE Interest Rate Statement
  • 8:30am EST- US Trade Balance; Unemployment Claims
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.

Comments (3)

thanks for the response yesterday about the spread. yes, makes sense. do you account for the spread on your track record?
benl- another good question! No the track record does not include spreads. So on some days where I say +3, I'm actually slightly negative because of the spread. Hope that clears things up! Happy trading!
Just an observation. the 4 hr graph GBP/USD was tending to show indicision round about the time that the above trade was executed. RSI had been showing oversold for a long time as well. would those not signal caution into going short?

Post a Comment

You are not signed in. You need to have a user name to post comments. Please sign in. If you don't have one yet, please register. It's free!

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

"Take time to deliberate, but when the time for action has arrived, stop thinking and go in."
Napolean Bonaparte
Clicky Web Analytics