Cowabunga System Daily Update: Thursday, 02/11/2010

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 down the entire day.

Today I only looked for short trades.

News events to watch for today :

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

Today’s Surf

1:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

6:15am 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 1.5585 with a stop at the most recent swing high at 1.5617. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5550.

Entry: Short at 1.5585 Stop: 1.5617 Target: 1.5550

6:45am EST- Unfortunately I was stopped out of my trade.

9:00am EST- There was a valid signal here but because it was close to the 10:00am news report, I did not enter.

entry2

Trade Result: -32 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00

News events to watch for tomorrow:

  • 8:30am EST- US Retail Sales m/m
  • 9:55am EST- US U. of Michigan Confidence

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.

  • Phepi

    hello PipSurfer, thank for this great blog, it must take much your time this videos and stuff around, i want just ask, if you are trading monday and friday too or on this days you have a break. thank for answer

  • addefta

    Hi PipSurfer and thanks again for this videos.It is very helpfull for us, especially for building confidence into this system.I just wanted to ask you what tool do you use for the video.I know I’m a little bit off topic, but it is very nice, especially the zoom in part :)
    Thanks and keep up the good work.
    BTW, I saw that, on some days, you don’t post an entry to your blog, and I perfectly understand this.It must take a lot of your time to do this.My questions were 2 :
    1 – Do you trade in those days, also?Or it doesn’t have anything to do with trading, only with your time.
    2 – On days when you don’t have time, maybe you can let someone else do a post here(or on some other blog and put the link here).I saw you have some good peaple arround who whatch this blog, and I am sure that you’ll find somebody to help you with this.Also it will be a great oportunity for the other guy also, to learn the system (you know… teaching someone is the best way to learn).I don’t know, it is just a sugestion.Please don’t take me wrong.
    Thanks for all the work that you do(and the others on this great baby pips school).

  • Phepi

    really this site is place where traders helps traders {(-_^)} best site what i found on web great job

  • Phepi

    hello PipSurfer, thank for this great blog, it must take much your time this videos and stuff around, i want just ask, if you are trading monday and friday too or on this days you have a break. thank for answer

  • addefta

    Hi PipSurfer and thanks again for this videos.It is very helpfull for us, especially for building confidence into this system.I just wanted to ask you what tool do you use for the video.I know I’m a little bit off topic, but it is very nice, especially the zoom in part :)
    Thanks and keep up the good work.
    BTW, I saw that, on some days, you don’t post an entry to your blog, and I perfectly understand this.It must take a lot of your time to do this.My questions were 2 :
    1 – Do you trade in those days, also?Or it doesn’t have anything to do with trading, only with your time.
    2 – On days when you don’t have time, maybe you can let someone else do a post here(or on some other blog and put the link here).I saw you have some good peaple arround who whatch this blog, and I am sure that you’ll find somebody to help you with this.Also it will be a great oportunity for the other guy also, to learn the system (you know… teaching someone is the best way to learn).I don’t know, it is just a sugestion.Please don’t take me wrong.
    Thanks for all the work that you do(and the others on this great baby pips school).

  • Phepi

    really this site is place where traders helps traders {(-_^)} best site what i found on web great job

  • ssharma

    I have a full time job; can your system be used for swing trade?

  • pipomilion

    Hi pip surfer, Nice job here. I downloaded the cowabunga software from the forum and i’m getting a bit confused on setting it up and understanding the signals (the arrows and lines{blue & red} on the 15 mins chart). I will be very grateful if you can put me through on this. Thanks!

  • pipomilion

    Hi pip surfer, Nice job here. I downloaded the cowabunga software from the forum and i’m getting a bit confused on setting it up and understanding the signals (the arrows and lines{blue & red} on the 15 mins chart). I will be very grateful if you can put me through on this. Thanks!

  • Medeya

    Hello, PipSurfer, I’ve found very interesting information, that you posted here on 01/27/10 http://www.meetpips.com/members/PipSurfer/stats?scope=overall&trading_system= and I’m confused about “All Trading System” and “Cowabunga System”, what does it mean? Which stats applies to Cowabunga? For 2009 “Cowabunga” Pip’s Statistics only +39 (and it’s not encourages or may be there is some technical error?), when I click on “All Trading System” Pip’s Stats +416 for 2009, that’s cool. What should I apply to see true Cowabunga Pip’s Stats? Thank you in advance :)

  • Medeya

    Hello, PipSurfer, I’ve found very interesting information, that you posted here on 01/27/10 http://www.meetpips.com/members/PipSurfer/stats?scope=overall&trading_system= and I’m confused about “All Trading System” and “Cowabunga System”, what does it mean? Which stats applies to Cowabunga? For 2009 “Cowabunga” Pip’s Statistics only +39 (and it’s not encourages or may be there is some technical error?), when I click on “All Trading System” Pip’s Stats +416 for 2009, that’s cool. What should I apply to see true Cowabunga Pip’s Stats? Thank you in advance :)