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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September 2008

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Cowabunga System Daily Update: Wednesday, 09/17/08

Posted 13:40 17 September 2008 | 2

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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 Claimant Count Change, MPC Meeting Minutes

8:30am EST- US Building Permits

Today's Surf

1:15am 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 1.7827 with a stop at the most recent swing high at 1.7870. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.7800.

Entry: Short at 1.7827

Stop: 1.7870

Initial Target: 1.7800

2:00am EST- Unfortunately I was stopped out of my trade.

4:00am EST- There was a valid signal here but because it was right before news, I did not enter. No trade.

Trade Result: +43 pips (NOT INCLUDING SPREAD) R-Multiple: 0.89

News events to watch for tomorrow :

4:30am EST- UK Retail Sales

8:30am EST- US Unemployment Claims

10:00am EST- US Philadelphia Fed Index

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, 09/18/08 13:56 18 September 2008
Cowabunga System Daily Update: Tuesday, 09/16/08 13:43 16 September 2008
Cowabunga System Daily Update: Monday, 11/10/08 18:50 10 November 2008
Cowabunga System Daily Update: Wednesday, 11/05/08 13:57 05 November 2008
Cowabunga System Daily Update: Monday 09/15/08 14:06 15 September 2008

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"Trade Result: +43 pips (NOT INCLUDING SPREAD) R-Multiple: 0.89" ? I hope you don`t follow my trades Pip Surfer, is it + 43 or - 43 ? Or are doing like me seeing losses as gains? Joke dude! :)

ForexGambler | Posted 12:42 18 September 2008

Thanks for the great site. I prefer to trade in daily charts and thought your system outlined in the school of pipsology was superb. Just a couple of questions Does your stop loss vary according to the currency you are trading and is this based on a percentage of the average daily range. If you are stopped out will you re-enter if the price retraces to the original entry price (and the indicators are still in line your trade plan) Thanks again

thedentist | Posted 05:37 19 September 2008

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