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, 02/17/09

Posted 12:16 17 February 2009 | 11

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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 :

4:30am EDT- UK CPI y/y

9:00am EDT- US TIC Long-Term Purchases

Today's Surf

12:15am EDT- 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 1.4204 with a stop at the most recent high at 1.4228. Since I was only 4 pips away from the nearest 50 or 00 level (1.4200), I decided to go for the same amount of pips I was risking on the trade, which in this case was 24. This put my initial target at 1.4180.

Entry: Short at 1.4204

Stop: 1.4228

Target: 1.4180

2:15am EDT- My target was hit. Price made a clean break so I moved my stop to 1.4180 and set my next target at 1.4150. During this same candle, my 2nd target was hit at 1.4150. Price made another clean break so I moved my stop to 1.4150 and set my next target for 1.4100.

2:30am EDT- Unfortunately I was stopped out at 1.4150

8:45am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and went to negative. However, news was coming out at 9:00am EDT, so I did not enter.

11:15am EDT-There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.

Trade Result: +54 pips (NOT INCLUDING SPREAD) R-Multiple: 2.25

News events to watch for tomorrow :

4:30am EDT- UK MPC Meeting Minutes

8:30am EDT- US Building Permits

1:00pm EDT- US Fed Chairman Bernanke Speaks

2:00pm EDT- US FOMC Meeting Minutes

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, 05/14/09 14:43 14 May 2009
Cowabunga System Daily Update: Tuesday, 02/10/09 13:44 10 February 2009
Cowabunga System Daily Update: Friday, 05/15/09 14:04 15 May 2009
Cowabunga System Daily Update: Tuesday, 01/06/09 14:26 06 January 2009
Cowabunga System Daily Update: Tuesday, 02/03/09 14:11 03 February 2009

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Wassup pip surfer I love your system and it has help me make money, but i'm still not clear on your momentum strategy. Is it that you put an alarm on your stop limit so that you don't stop out. what about your stop loss when do you move it.

nevpip | Posted 15:44 17 February 2009

two questions: 1- do you recolor your news candles manually or is there an indicator/script/ea in mt4 that you are using? 2- you say in your walk-through you don't take signals before 12 midnight ET b/c of low volume, but when do you stop trading? 12 noon ET? thanks (youtube videos are a plus!)

mykungfuisgood | Posted 16:01 17 February 2009

I'm trading from eastern Australia (GMT+11), I get confused with time zone differences. Do you start trading in line with the opening of London to take advantage of higher volume? London opens at 1900hrs my time, should that be my trading time? I love your video reviews thankyou Cheers Kiemy

kiemy | Posted 17:41 17 February 2009

Hi, Thank you very much for sharing your system. I am using FXCM platform and have questions about your system. In the Youtube video, you mentioned that when you entered short, you set up the profit target (limit) at same level as your risk due to the 00 and 50 price level too close to your entry price. You set up risk as the most recent swing high. But then when price indeed drop and pass your profit target (limit), instead of closing your trade at the first target (limit) price at a profit, you somehow could move your stop loss and then target another level. In FXCM platform, if I set up any profit target (limit), this trade will be automatically closed at profit at the first profit level. So I couldn't move stop loss and target further profit, unless I don't setup any profit target and I just setup a stop loss with a trailing stop loss. Your explanation is greatly appreciated. Thanks.

cmellon | Posted 01:05 18 February 2009

Hi Dude, Do you trade always the same lot size? or Do you change it based on the position of your stop loss?

Hotdog | Posted 02:08 18 February 2009

Good evening pipsurfer, I was wondering are you trading for a living or do you have fulltime job besides the trading ?

xmzhang | Posted 08:47 18 February 2009

Hi, expertpipsurfer, i want to know about candlestick on the EMA Crossover signal. Did you colour it? or that something i need to know

mh_fadzli | Posted 22:29 18 February 2009

Hi Pip surfer, I wanna know what is the last time when I can take a trade in the end of the day, I mean what is the trading time. I know start is at 12 am ET but when is end? Thanks

xkuba | Posted 02:04 19 February 2009

hi pip surfer, correct me if i'm wrong but i've not seen you avoiding the market when it is sideways. it always seems to be either up or downtrend in the cowabunga system. how do we determine if the market is sideways? do we look at the 4-hr or the 15min chart? thanks alot :)

humster | Posted 07:48 19 February 2009

Hi PipSurfer Dude, When you can that see the entry is very close to the nearest 50/00 level, you decide to set the profit target to be the same as the risk. How near to the 50/00 level does it have to be in order for you to make that choice, anything less 10 pips? Thanks and regards, Pipalot

pipalot | Posted 10:54 20 February 2009

Hello! Thanks for sharing your system and helping the rest of us learn it and apply it! I'm still trading demo accounts and still haven't gotten the hang of it. Quick questions: On the 15-min chart, when you see that all the indicators appear to be coming together (EMAs appear to be crossing, stochs appear to be both in the same direction, and RSI appears to be just about in the right side of 50), do you enter straightaway now, or do you wait for that candle to close before entering on the next candle? Do you care to look at the faster charts (5-min, 1-min) to see where it's going? Last q: i suppose when you set your stops and take-profits, you don't set these in the trading platform, preferring to do it manually? i'd like to ask why? Thanks again!

albert_sy2 | Posted 23:02 21 February 2009

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