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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April 2008

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Cowabunga System Daily Update: Thursday, 04/24/08

Posted 12:48 24 April 2008 | 10

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 :

4:30am EST- UK Retail Sales
8:30am EST- US Durable Goods Orders
10:00am EST- US New Home Sales

Today's Surf

12:45am EST- 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 1.9791 with a stop at the most recent swing high at 1.9801. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9750.

Entry: Short at 1.9791
Stop: 1.9801
Initial Target: 1.9750

2:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9752.

Trade Result: +39 pips : R-Multiple: 3.90

News events to watch for tomorrow :

4:30am EST- UK GDP
10:00am EST- US Consumer Sentiment

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: Tuesday, 04/22/08 12:05 22 April 2008
Cowabunga System Daily Update: Thursday, 04/17/08 12:27 17 April 2008
Cowabunga System Daily Update: Wednesday, 04/23/08 11:44 23 April 2008
Cowabunga System Daily Update: Tuesday, 02/26/08 12:42 26 February 2008
Cowabunga System Daily update: Wednesday, 05/07/08 13:51 07 May 2008

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Hey..did anyone realize that todays trade was exactly the same as tuesday"s trade? I just thought that was cool... Take care.

jsese | Posted 15:52 24 April 2008

I noticed that too...

MissPips | Posted 16:03 24 April 2008

Hi i'm a little confused on the time frames I thought we were only supposed to be looking for trades between 0800 - 1700GMT(0300 - 1200EST)? But this trade was placed at 12:45est? Sorry i'm in new zealand and finding it hard to get my head around all the different time zones lol.

sirieth | Posted 22:06 24 April 2008

Trading hours are 12:01 am EST to 16:00 Eastern time (Standard or Daylight, as appropriate). Valid signals must occur after 12 am EST and before 12 noon EST. If you take a signal that occurs close to noon, you must close it by 16:00 Eastern time whether it is in profit or loss, according to the rules. Although Pip Surfer is currently logging trades at (for example) 12:45 EST, actually I believe that is actually 12:45 EDT now since it is daylight savings time now in the Eastern US.

MissPips | Posted 02:22 25 April 2008

Ah i see. I was just working off 12th grade - market hours in the forex school >

sirieth | Posted 03:07 25 April 2008

Hi, please explain me the concept of this "clean break".

Bazsi | Posted 07:39 25 April 2008

Clean break for me too, please!

wattsfx | Posted 09:34 25 April 2008

Check the FAQ for details on clean break. Essentially he is looking at the price action and seeing if it is blowing past the target price with momentum. If it is, he'll ride the trend a bit more, if it is just squeaking by, then he simply takes his profit.

lilfeet | Posted 21:32 25 April 2008

I had checked the FAQ before, the only thing was not clear that how is it possible if there is an auto profit target, but no I understand that there is no auto target, his profit target is taken manually, right?

Bazsi | Posted 02:27 28 April 2008

Go back and listen to the videos PipSurfer posted. In one of them he explains how he does a clean break, and you get to watch it in action in the video, which is much more helpful than just reading about it. (I don't remember which one, but there aren't that many so far.)

MissPips | Posted 09:59 29 April 2008

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