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: Tuesday, 10/28/08

Posted 13:08 28 October 2008 | 3

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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 :

7:00am EST- UK CBI Realized Sales

10:00am EST- US CB Consumer Confidence

Today's Surf

3:30am 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 1.5565 with a stop at the most recent swing high at 1.5750. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my target at 1.5550.

Entry: Short at 1.5565

Stop: 1.5750

Initial Target: 1.5550

3:45am EST- My target was hit at 1.5550. Price made a clean break so I moved my stop to 1.5550 and set my next target for 1.5500. During this same candle, my 2nd target was hit at 1.5500 so I trailed my stop to 1.5500 and set my next target for 1.5450. Unfortunately price didn't get that low and I got stopped out at 1.5500.

10:00am EST- This was a news candle so I did not enter.

Trade Result: +65 pips (NOT INCLUDING SPREAD) R-Multiple: 0.35

News events to watch for tomorrow :

8:30am EST- US Durable Goods Orders

2:15 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.

Cowabunga System Daily Update: Thursday, 12/18/08 14:02 18 December 2008
Cowabunga System Daily Update: Thursday, 11/06/08 13:22 06 November 2008
Cowabunga System Daily Update: Monday, 11/10/08 18:50 10 November 2008
Cowabunga System Daily Update- Wednesday, 08/27/08 15:49 27 August 2008
Cowabunga System Daily Update: Monday, 10/27/08 14:05 27 October 2008

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Hey, not really an important question but I was just wondering...do you trade the 4 hour cross overs? That is, do you trade when the trend change candle appears? thanks :)

misterboy | Posted 15:05 28 October 2008

A very silly question on your "clean break".I read the FAQ on it, which says that a "clean break" is when a candle can not only touch our target level, but break through it. My question is, when a candle first touches the target, how do i know whether i should close my trade or wait for a clean break? Thanks :-)

Tamiya | Posted 06:45 29 October 2008

Why the GBP/USD opposed to other pairs?

mklipari | Posted 13:31 29 October 2008

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