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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March 2007

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Cowabunga System Daily Update: 03/23/07

Posted 15:59 23 March 2007 | 2

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

Main Trend

Current Trend= The trend remained up until 12pm ET. A new trend change candle formed from 8am - 12 pm ET and changed the trend from up to DOWN. After 12pm ET the trend remained down.

Today I only looked for long trades until 12pm ET. After 12pm ET I only looked for short trades.

Today's Surf

1:15 am ET - There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle which was at 9637 with a stop at the most recent swing low which was 9623. I was only 13 pips away from the nearest 50 level and my risk was only 14 pips so either target I chose would still only give me a small reward. I went ahead and set my target for 9650.

2:30 pm ET - My target is hit for a small gain. I didn't see too much price action so I went ahead and exited my trade.

Trade Result: +13 pips ; R-Multiple= 1.00

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: 05/16/07 14:08 16 May 2007
Cowabunga System Daily Update: 03/26/07 15:05 26 March 2007
Cowabunga System Daily Update: 09/19/07 12:01 19 September 2007
Cowabunga System Daily Update: Monday, 10/08/07 14:00 08 October 2007
Cowabunga System Daily Update: 04/30/07 16:43 30 April 2007

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I like your trade setup. Usually I comment on the worst ideas. But this time, I'm asking, cause I just went through the Technical analysis for Dummies book and it talked about the moving averages and the MACD. Was the MACD ahead of signalling the buy signal on the moving averages? Its seems that all this stuff looks great with hindsight, but at the time it may not be so clear.

mdetlh | Posted 17:03 23 March 2007

mdetlh- Thanks for the comment. As with any technical indicator driven systems, it always looks good in hindsight :) However, I've forward tested this system thoroughly and it is fairly simple to identify valid signals. Sometimes one of the indicators may actually move ahead of the others but this can more often than not, pull you into many fake moves. This is why we have 3 indicators to watch for added confirmation.

pipsurfer | Posted 15:11 26 March 2007

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