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: Tuesday, 04/29/08

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

Main Trend

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

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

News events to watch for today :

Today's Surf

12:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9904 with a stop at the most recent swing low at 1.9890. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.

Entry: Long at 1.9904
Stop: 1.9890
Initial Target: 1.9950

1:30am EST- Unfortunately I was stopped out of my trade.

10:30am 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 1.9720 with a stop at the most recent swing high at 1.9767. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.

Entry: Short at 1.9720
Stop: 1.9767
Initial Target: 1.9700

1:00pm EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9697.

entry2

Trade Result: -14 +23= +9 pips : R-Multiple: -1.00; 0.49

News events to watch for tomorrow :
  • 2:00am EST- UK Nationwide Houe Prices
  • 8:15am EST- US ADP Nonfarm Employment Change
  • 8:30am EST- US Advance GDP
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Comments (4)

Hi, i have been religously folowing your system for quite some time now, Great Job ! - Just a question, I know that you look for trades after 12:00 am and close out positions at 4:00 pm, however, what is the last time that you would make a trade ?, so you trade upto the 4:00 pm cut off time ?
simple question - What time frame is you're charting software on? est etc?
Why did you enter the second trade when it was only half an out after the Consumer Confidence?
nixseyed- Thanks for the kind words. I actually only look for trades until 12pm EST (Noon). If I am in a trade by then and my target isn't hit by that time, I'll hold it to as late as 4pm EST.

sineth- My time frame is on EST

gryat- I will enter trades right after news. It's only right before the news that I worry about. Hope that helps!

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