Cowabunga System Daily Update: Wednesday, 02/10/2010

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 change 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 Manufacturing Production
  • 5:30am EST- UK Bank of England Quarterly Inflation Report
  • 8:30am EST- US Trade Balance
  • 10:00am EST- US DOE U.S. Crude Oil Inventories

Today’s Surf

1:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

3:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

entry2

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

News events to watch for tomorrow:

  • 8:30am EST- US Advance Retail Sales
  • 10:00am EST- US Business Inventories

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.

  • Bondtrader

    Hi PipSurfer and Cowabunga Traders,

    I just wanted to thank PipSurfer for taking the time to walk traders thru these daily videos so they can learn the trading process step-by-step by an experienced trader. I wish I’d had a website like babypips.com back when I started trading , let alone a great (free) trading system like the Cowabunga system. I would most likely be alot closer to retiring instead of spending years jumping from system to system chasing the Holy Grail. The Cowabunga system is a consistently profitable system , which is simple,yet very powerful. For the newer traders here, learn this system ,master it ,follow the rules and trade it accordingly and you WILL make money.

  • Bondtrader

    Hi PipSurfer and Cowabunga Traders,

    I just wanted to thank PipSurfer for taking the time to walk traders thru these daily videos so they can learn the trading process step-by-step by an experienced trader. I wish I’d had a website like babypips.com back when I started trading , let alone a great (free) trading system like the Cowabunga system. I would most likely be alot closer to retiring instead of spending years jumping from system to system chasing the Holy Grail. The Cowabunga system is a consistently profitable system , which is simple,yet very powerful. For the newer traders here, learn this system ,master it ,follow the rules and trade it accordingly and you WILL make money.

  • PipSurfer

    Thank you for the kind words Bondtrader. Hope your trading is going well!

  • PipSurfer

    Thank you for the kind words Bondtrader. Hope your trading is going well!