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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April 2008

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Cowabunga System Daily Update: Wednesday, 04/16/08

Posted 12:28 16 April 2008 by Pip Surfer
If this is your first time visiting this blog, read this first! 

Main Trend

Current Trend= The trend remained down until 8am EST. From 4am - 8am EST, a new trend change candle formed and changed the trend from down to UP. After 8am EST, the trend remained UP the rest of the day.

Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.

News events to watch for today :
  • 4:30am EST- UK Average Earnings Index
  • 8:30am EST- US Core CPI

Today's Surf

Unfortunately there were no signals today.

entry2

Trade Result: +0 pips : R-Multiple: N/A

News events to watch for tomorrow :
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Comments (5)

Unfortunately at 10:00 am my chart showed a crossover and I entered at 10:15. It immediately went against me and at the same time eliminated the crossover. At the open of the 10:15 chart there was a valid signal....5 minutes later the signal was gone because the drop in the price brought it back below the cross level. I lost 17 pips on this trade. But what I want to know is how do YOU avoid getting into these? Did your chart not how the cross? Or did you make a decision to not enter?
jsese | Posted 12:51 16 April 2008
I'm sure that was frustrating Jsese. My chart did not have the crossover - very close though. 10AM EDT bar / 5ema=1.9757 and 10ema=1.9758
PipDaddy | Posted 17:04 16 April 2008
I would add that crosses which begin with both averages nearly horizontal are more risky than a cross where the moving averages approach at an angle of say 25-30 or more degrees. It is also worth noting that the steeper the angle, the more of the move you just missed.
PipDaddy | Posted 17:09 16 April 2008
it is frustrating..my chart now shows 10 am 5ema 1.9757 and 10ema 1.9758..but when the 10:15 bar opened..it was above..and the drop at 10:15 is what brought it back below. I am upset...but oh well. Thanks for responding..I wanted to through my computer out the window!! haha. >:(
jsese | Posted 17:18 16 April 2008
Hi Jsese, What I do is I have charting software provided by CMS, which usually (but not always) shows charts like what Pip Surfer reports). I also use Metatrader software for charts and analysis. If the two do not agree (for example there is a cross on one but not on the other, which is exactly what happened in this case) I don't take the trade. Also if the two do not agree on the four hour trend or MACD ( their bars are two hours apart) I don't take the trade. This has kept me out of a lot of bad trades, because when the two do not agree, the reason is because the market is very choppy and this is not the best time to trade.
MissPips | Posted 15:09 19 April 2008

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