Cowabunga System Daily Update: Tuesday, 03/16/2010

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 :

  • 5:30am EST- UK DCLG UK House Prices
  • 8:30am EST- US Housing Starts
  • 2:15pm EST- US Federal Open Market Committee Interest Rate Decision

Today’s Surf

3:15am 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.

entry2

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

News events to watch for Wednesday:

  • 5:30am EST- UK MPC Meeting Minutes
  • 8:30am EST- US PPI m/m

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.

  • MarkFx

    Hi PipSurfer. My apologies if this has been asked and answered before but with the daylight savings time change, wouldn’t you now be looking for trades between 1:00am and 1:00pm instead of midnight to noon?

  • parsush

    thanks a lot for the answer.
    I guess trading the same pair for years does get you the ability to make the right decisions as price approaches target… (I, personally still find it extremely difficult when it’s live cash and you’re all emotional and stuff…)
    I guess I’ll try lowering resolution and see how it goes from there.

  • PipSmash

    Very pleased to see this video today because I was wondering whether I had made a mistake not entering the 8.15 (gmt) trade as it ended up a winner, but I stuck to the system and stayed out because of negative mcad. I guess over time there are many more times this will save you from a losing trade. Thanks for the blogs and a great system to learn with

  • MarkFx

    Hi PipSurfer. My apologies if this has been asked and answered before but with the daylight savings time change, wouldn’t you now be looking for trades between 1:00am and 1:00pm instead of midnight to noon?

  • parsush

    thanks a lot for the answer.
    I guess trading the same pair for years does get you the ability to make the right decisions as price approaches target… (I, personally still find it extremely difficult when it’s live cash and you’re all emotional and stuff…)
    I guess I’ll try lowering resolution and see how it goes from there.

  • PipSmash

    Very pleased to see this video today because I was wondering whether I had made a mistake not entering the 8.15 (gmt) trade as it ended up a winner, but I stuck to the system and stayed out because of negative mcad. I guess over time there are many more times this will save you from a losing trade. Thanks for the blogs and a great system to learn with

  • jsd1004

    If you become adept at predicting movement and momentum why do you not use your skill at the entry point of the trade? Surely the same criteria apply. From your video it is obvious that a clean break always has the potential to be missed if you exit before the candle completes. Yet from your records i have never seen you miss one even though you often exit before the candle completes. I dont mean to be skeptical but if you are using experience and intuition to exit a trade it no longer is a system.

  • sriloba

    Hey jsd,

    If you are not happy with the way Pipsurfer trades hey you can going looking others systems. But I tell can tell you that I am happy with the system Cowabunga and since last year I knew,for the first time in 4 years, how to read the market.
    Now I manage 2 trading accounts and help others traders in my town in Canada (Montreal, Quebec)to be success in forex trading business.

    Thanks Pipsurfer for your time to do the videos.

  • jsd1004

    If you become adept at predicting movement and momentum why do you not use your skill at the entry point of the trade? Surely the same criteria apply. From your video it is obvious that a clean break always has the potential to be missed if you exit before the candle completes. Yet from your records i have never seen you miss one even though you often exit before the candle completes. I dont mean to be skeptical but if you are using experience and intuition to exit a trade it no longer is a system.

  • PipSurfer

    @jsd- I can understand your frustration, but unfortunately I cannot give you any other advice. This isn’t the only successful system in the Forex world and if this doesn’t suit your trading personality than you shouldn’t try to force it. I like that you want to be exact and have something quantitative and measurable. That is a unique characteristic of yours and there are systems that match your style. I would recommend trying a breakout system as it is very black and white with hardly any gray areas. Do some searching on Google and you will find plenty of good breakout systems. Of course, make sure you backtest and demo test before thinking about going live. Hope that helps!

    -PS

  • sriloba

    Hey jsd,

    If you are not happy with the way Pipsurfer trades hey you can going looking others systems. But I tell can tell you that I am happy with the system Cowabunga and since last year I knew,for the first time in 4 years, how to read the market.
    Now I manage 2 trading accounts and help others traders in my town in Canada (Montreal, Quebec)to be success in forex trading business.

    Thanks Pipsurfer for your time to do the videos.

  • PipSurfer

    @jsd- I can understand your frustration, but unfortunately I cannot give you any other advice. This isn’t the only successful system in the Forex world and if this doesn’t suit your trading personality than you shouldn’t try to force it. I like that you want to be exact and have something quantitative and measurable. That is a unique characteristic of yours and there are systems that match your style. I would recommend trying a breakout system as it is very black and white with hardly any gray areas. Do some searching on Google and you will find plenty of good breakout systems. Of course, make sure you backtest and demo test before thinking about going live. Hope that helps!

    -PS

  • jsd1004

    I dont use the system as i have my own successful system. I have investigated this system and found it to be unreproducable. I am concerned that naive inexperienced traders would use this system believing it to be reproducable and profit making. Sriloba-I am sure Pipsurfer is rewarded adequately for making his videos. As you can see there is a lot of sponsorship from the 9 brokers advertising on this section alone.

  • jsd1004

    I dont use the system as i have my own successful system. I have investigated this system and found it to be unreproducable. I am concerned that naive inexperienced traders would use this system believing it to be reproducable and profit making. Sriloba-I am sure Pipsurfer is rewarded adequately for making his videos. As you can see there is a lot of sponsorship from the 9 brokers advertising on this section alone.