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 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- Monday, 08/04/08


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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 :


  • None


Today's Surf


12:15, 12:45am EST- There was a moving average crossover for a short trade but MACD was already negative so there was no entry.


10:45am 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 1.9653 with a stop at the most recent swing high at 1.9716. Since I was only 3 pips away from the nearest 50 or 00 level (1.9650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 63. This put my initial target at 1.9590.


Entry: Short at 1.9653

Stop: 1.9716

Initial Target: 1.9590


2:15am EST- My target wasn't hit by this time and I had to end my trading day so I went ahead and took my profit and exited at 1.9621.


entry2


Trade Result: +32 (NOT INCLUDING SPREAD: R-Multiple: 0.50


News events to watch for tomorrow :


  • Tentative- UK Halifax HPI

  • 4:30am EST- UK Manufacturing Production, Services PMI

  • 10:00am EST- US ISM Non Manufacturing Index

  • 2:15pm EST- US FOMC Statement


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.

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Archived Comments (4)

I'm using metatrader, but I have the same MACD settings as you and for some reason I get a different histogram output. Any idea why? Other than that, great update. 32 pips well earned.

Oh nevermind. Found out that the standard MACD indicator in Metatrader is incorrect and that the custom indicator OsMA is what should be used. :)

Your voice sounds so masculine in that video.

lmao @ forexmonk

"The only good luck many great men ever had was being born with the ability and determination to overcome bad luck."
Channing Polluck
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