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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June 2009

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Cowabunga System Daily Update: Wednesday, 06/17/09

Posted 13:41 17 June 2009 | 6

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

Main Trend

Current Trend

The trend stayed up until 8am EST. From 4am - 8am EST a new trend change candle formed which changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 8am EST. After 8am EST, I only looked for short trades.

News events to watch for today :

4:30am EST- UK Jobless Claims Change; Bank of England Minutes
8:30am EST- US Consumer Price Index Core Index s.a.

Today's Surf

10:00am 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 1.6264 with a stop at the most recent high at 1.6313. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6250.

Entry: Short at 1.6264 Stop: 1.6313 Target: 1.6250

10:15am EST- My target was hit. Price didn't make a clean break so I took my final profit. I exited at 1.6253.

Trade Result: +11 pips (NOT INCLUDING SPREAD) R-Multiple: 0.22

News events to watch for tomorrow:

4:30am EST- UK Retail Sales
8:30am EST- US Unemployment Claims
10:00am EST- US Philly Fed Index

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forex Forums.

Forex
Forex News
Forex Reviews
Forex Trading Journal

Cowabunga System Daily Update: Wednesday, 09/16/09 15:03 16 September 2009
Cowabunga System Daily Update: Thursday, 05/21/09 16:05 21 May 2009
Cowabunga System Daily Update: Wednesday, 06/03/09 13:18 03 June 2009
Cowabunga System Daily Update: Thursday, 05/28/09 13:04 28 May 2009
Cowabunga System Daily Update: Monday, 09/14/09 13:53 14 September 2009

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havent checked your blog for a few months. Im amazed how you have the patience to answer the same questions over and over again.

hairymango | Posted 19:03 17 June 2009

On my chart yesterday the 10:00 candle didnt make a clean cross. The 5EMA and 10EMA had exactly the same values at the close of the candle so I waited. The 10:15 candle did cross down but I didnt enter as MACD had risen since the 10:00 candle(otherwise it would have been a losing trade). Can you confirm that xtick colours the crossover candles at the close of the candle if there is a clean cross over or does it colour them if there is any crossover during the candle? Thanks

dazza2 | Posted 04:58 18 June 2009

Hi Pipsurfer how are you, I've been forwardtesting your system for some time now and I must say the results are very good. I made a couple of alteration, for instance I don't use the 4h-chart to determine the trend for the day, I just take the trade (long and short) when all the conditions are met, also I always use a constant stoploss and a profitstop instead of a dynamical stoploss and profitstop. I also noticed that the MACD has the most effect on the yield of the tradingsystem, the effect of the Stochastics and especially RSI are negligible. Keep up the good work, catch you later!

xmzhang | Posted 16:52 18 June 2009

hello pipsurfer, thanks for all the good work. I'm wondering if the benefit of waiting for a 'clean break' outweighs the costs of the little pips of shortfall (and the costs of a heart attack and nervous stress looking at minute price volatility). besides, there are variations of 'clean breaks' - there are the Super Clean Breaks, and Rather Clean Breaks, and Clean Breaks...

weijen | Posted 01:31 23 June 2009

this draw down is brutal man!

Pipenstien | Posted 12:13 23 June 2009

hi, wots the set up for MACD and Sto for MT4? been trying to look for it, signals that i received is totally different than mine.. using protick is kind of expensive.. thanks.

ginola73 | Posted 10:24 25 June 2009

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