About Pip My System

Pip My System Author

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: Monday, 09/21/09

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

Main Trend

Current Trend

The trend stayed down the entire day.

Today I only looked for short trades.

News events to watch for today :

  • 10:00am EST- US Leading Indicators

Today's Surf

8:00am 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 1.6169 with a stop at the most recent high at 1.6193. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6150.

Entry: Short at 1.6169 Stop: 1.6193 Target: 1.6150

3:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6153.

entry2

Trade Result: +16 pips (NOT INCLUDING SPREAD) R-Multiple: 0.66

News events to watch for tomorrow:

  • 10:00am EST- US House Price 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.

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