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, 01/06/09

Posted 14:26 06 January 2009 | 8

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

Main Trend

Current Trend= The trend remained up the entire day

Today I only looked for long trades.

News events to watch for today :

2:00am EDT- UK Nationwide HPI m/m

4:30am EDT- UK Services PMI

10:00am EDT- US ISM Non-Manufacturing PMI; Pending Home Sales m/m;

2:00pm EDT- US FOMC Meeting Minutes

Today's Surf

3:15am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.

9:45am EDT- There was a valid signal here but because it was right at our 10:00am news events, I did not enter.

Trade Result: +0 pips R-Multiple: N/A

News events to watch for tomorrow :

8:15am EDT- US ADP Non Farm Employment Change

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, 01/08/09 13:45 08 January 2009
Cowabunga System Daily Update: Monday, 01/05/09 13:09 05 January 2009
Cowabunga System Daily Update: Tuesday, 12/09/08 20:05 09 December 2008
Cowabunga System Daily Update: Tuesday, 12/02/08 14:36 02 December 2008
Cowabunga System Daily Update: Thursday, 01/15/09 13:32 15 January 2009

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That would have been a +300 pips trade ;)

Blackbird | Posted 16:44 06 January 2009

I was lucky, I missed out the fact that that was a news event candle, because I was sitting in the train when the signal came on my mobile phone, therefor I have traded this signal and took 50 pips.

vriesde1 | Posted 16:46 06 January 2009

I didn't trade the news candle!.. I did however give myself a rule which is: if the news doesnt cause too much chaos and distort the market then i'll enter at the next candle. Gained some nice pips! XD Also it seems my charts are back in sync with yours. Good stuff, keep up the good work! peace

patmcc88 | Posted 17:46 06 January 2009

At 9:45 MACD was positive exactly like at 3:15. Why then you consider it as a valid signal?

vrouderfer | Posted 20:45 06 January 2009

Hey Pip Surfer, a question about the 4 hour chart: Is the Main Trend on the 4 hour chart decided by only the 5 EMA crossing the 10 EMA or do you also have to look at the 4Hour RSI and Stochastics levels? Are there any 4 hour trend change candles that you ignore because of RSI not being above/below 50 or the faster Stochastics line not being above/below the slower one or stochastics being overbought/oversold? Also, for the 15 minute chart, when you say stochastics shouldn't be in overbought or oversold levels, do you mean the slower stochastics line shouldn't be above/below 80/20 levels? I appreciate your advice.

xerof__the_trader | Posted 00:33 07 January 2009

Hi Pip Surfer, just wanted to know if the 4hrs charts is pointing down and is below the 5 EMA and 10 EMA but the stochastic is moving up and RSI is moving side ways. As for the 15 min charts, it is giving a signal of shorts position. Do we take the shorts position or we have to wait it out because the 4hrs stochastic is moving upwards. Appreciate your reply.

raymondc | Posted 02:37 07 January 2009

Hi Pip Surfer, great system and commentary-many thanks for sharing it and keeping it up to date. Can you tell me if I am interpreting the MACD correctly please?- if we are looking for long trades; if the histogram is already positive even by a single bar we don't take the trade but if it is negative and rising or a cross over we do? I get the impression this is an absolute rule? Any help would be very much appreciated Kind regards Mark

markr | Posted 04:29 07 January 2009

vrouderfer- At 3:15 the MACD bar before the possible entry was already positive. This is why the signal was invalid. At 9:45, the MACD bar before the possible entry was negative. This makes it a good signal. The only thing that held me back was the news.

xerof- I also look at RSI and Stochastics to make sure they agree with the crossover. Overbought/oversold doesn't play a part in the trend change candle. I will still consider it a trend change candle even if it is in overbought/oversold territory. As for the 15 minute chart, I will only avoid the trade if both stochastics lines are in overbought/oversold territory. It has to be a very obvious overbought or oversold indication though. This rarely happens.

Raymond- As long as the trend change candle is formed, it doesn't matter what happens after with RSI and stochastics. The trend change candle is good until a new trend change candle is formed. Only take trades in the direction of the current 4 hour trend.

Mark- You are correct with your interpretation. If you are looking for a long trade, then MACD must be negative on the previous candle and either rising in the entry candle or turning positive.

Happy trading everyone!

PipSurfer | Posted 10:43 07 January 2009

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