Cowabunga System Daily Update: Wednesday, 02/03/2010

The CFTC may be changing the rules for retail traders in the US. This affects many of us in a negative way and we need your help getting our voices heard.

Read more of the details

I can not find better words to describe my position on all this than those from Andrei Pehar, Chief Currency Strategist at fxKnight.com.  

Andrei says: "I am not opposed to regulation nor regulatory agencies. But that regulation needs to be fair, transparent, and open to public input. Otherwise it becomes corrupt and self-serving. Sure high leverage can get you into trouble if used thoughtlessly. Sure hedging when not done properly turns one loss into two. But I believe the cure is EDUCATION, not restricting what people can and cannot do with their investment decisions. Guide, don’t dominate – government was invented to protect people and their property, not to limit their potential.

We at BabyPips.com disagree with the CFTC proposal.

If you disagree as well, you may submit your comments to secretary@cftc.gov.  

Include “Regulation of Retail Forex” in the subject line of the message and the identification number RIN 3038-AC61 in the body of the message. Please, help us to spread the word!

I think this is a very important matter that affects us all, and we should try our hardest to ensure that things will be done for the best of the trading community.

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

Main Trend

Current Trend

The trend stayed up until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from up to DOWN. After 11am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 11am EST. After 11am EST, I only looked for short trades.

News events to watch for today :

  • 4:30am EST– UK Services PMI
  • 8:15am EST- US ADP Non-Farm Employment Change
  • 10:00am EST– US ISM Non-Manufacturing PMI
  • 10:30am EST- US Crude Oil Inventories

Today’s Surf

There were no trades today.

entry2

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

News events to watch for tomorrow:

  • 7:00am EST– UK Bank of England Interest Rate Decision
  • 8:30am EST- US Non-Farm Productivity
  • 10:00am EST– US Factory Orders

For a complete list of news events check out our Forex Economic Calendar.
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