Cowabunga System Daily Update: Wednesday, 03/17/2010

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 the entire day.

Today I only looked for long trades.

News events to watch for today :

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

Today’s Surf

2:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.5244 with a stop at the most recent swing low at 1.5207. Since I was only 6 pips away from the nearest 50 or 00 level (1.5250), I decided to go for the same amount of pips I was risking on the trade, which in this case was 37. This put my initial target at 1.5281.

Entry: Long at 1.5244 Stop: 1.5207 Target: 1.5281

4:15am EST- Unfortunately my target wasn’t hit by this time and I knew that news was coming out at 5:30am EST. I exited my trade at 1.5222.

entry2

Trade Result: -22 Pips (NOT INCLUDING SPREAD) R-Multiple: -0.59

News events to watch for Thursday:

  • 5:30am EST- UK Public Sector Net Borrowing
  • 7:00am EST- UK U.K. CBI Industrial Trends
  • 8:30am EST- US Consumer Price Index
  • 10:00am EST- US Philadelphia Fed.

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.

  • Robbkore

    Was the 4:15am exit a typo?

  • Robbkore

    Was the 4:15am exit a typo?

  • chicopip

    So, for the system. Do you stay up all night? or do you wake up everytime you have a signal to entry?

  • PipSurfer

    @rob- Sorry, yes its supposed to say 5:15!

    @chicopip- I stay up but you can work it so that it sets alerts. The only problem with waking up all the time is that it can be really unhealthy for your body!

  • chicopip

    So, for the system. Do you stay up all night? or do you wake up everytime you have a signal to entry?

  • PipSurfer

    @rob- Sorry, yes its supposed to say 5:15!

    @chicopip- I stay up but you can work it so that it sets alerts. The only problem with waking up all the time is that it can be really unhealthy for your body!