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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Cowabunga System Daily Update: Friday, 06/13/08

Posted 13:50 13 June 2008 | 5

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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 :

All Day- G8 Meeting
8:30am EST- US CPI

Today's Surf

12:00am 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 1.9457 with a stop at the most recent swing high at 1.9487. Since I was only 7 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 30. This put my initial target at 1.9427.

Entry: Short at 1.9457
Stop: 1.9487
Initial Target: 1.9427

3:00am EST- My target was hit. Price didn't make a clean break so I took my final profit. I exited at 1.9432.

5:45am 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 1.9452 with a stop at the most recent swing high at 1.9482. Since I was only 2 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 30. This put my initial target at 1.9422.

Entry: Short at 1.9452
Stop: 1.9482
Initial Target: 1.9422

8:15am EST- Unfortunately my target was not hit by this time and since news was coming out at 8:30am EST, I closed out my trade. I exited at 1.9450.

Trade Result: +25 +2= +27 (THIS DOES NOT INCLUDE THE SPREAD): R-Multiple: 0.83; 0.06

News events to watch for Monday :

8:30am EST- US Empire State Business Conditions
9:00am EST- US TIC data

For a complete list of news events check out our News Section

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: Thursday, 05/15/08 12:43 15 May 2008
Cowabunga System Daily Update: Friday, 05/16/08 14:46 16 May 2008
Cowabunga System Daily Update: Monday, 06/16/08 12:34 16 June 2008
Cowabunga System Daily Update: Thursday, 06/05/08 12:58 05 June 2008
Cowabunga System Daily Update: Friday, 05/30/08 14:58 30 May 2008

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I did the trade and the price @ 3:00 am on trade station never reach 1,9427 the low was @ 1,94285 can you explain why? thanks tito

titodalla@hotmail.com | Posted 15:57 13 June 2008

This is why you have to do your own due diligence TITO. Although useful the blog can be misleading because PS does not include spread. So yesterday on an IBFX feed the first push down stopped at 9431, the pullback did not stop the trade out, on the second push down which PS shows as a second trade the target was easily reached but only if you stayed in through the news (the buy was at 9411). So dont worry about his results. Use the blog to identify the trades then see what you do with them in real time on your own account. This is a profitable approach but if you did it exactly like PS you would have less winners (as the target is about 6pips greater when spread is included so many winners are losers)and in addition the trading costs are significant. I have found you can often get better results than PS using SR levels as profit targets rather than the round numbers he favours

tonymand | Posted 22:08 13 June 2008

Thank you tonymand, I like the system, but better then a good entry is knoing a good exit,if you have time what is SR ? thanks tito

titodalla@hotmail.com | Posted 11:51 14 June 2008

Cant determine what trend is for the pair Gbp/Usd as at 14/June/08 in 4 hour( Rsi 40,Macd is negative showing down,Stochastic is about to cross up line 20? chart it look like mountain top,but in 15 minute chart it seems trending down.So what is the actual trend ? T/q

hafizam | Posted 23:16 14 June 2008

We knew that trend could be in any period but what is the real trend ?,could it be 30 mins,1 hour,4 hours or maybe above then that..Tq

hafizam | Posted 00:27 15 June 2008

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