Cowabunga System Daily Update: Thursday, 03/18/2010

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 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.

Today’s Surf

12:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50 but stochastics were trending down and MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

3:00am 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.

5:30am EST- There was a valid signal here but because it was a news candle I did not enter.

8:45am 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.

9:15am 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. Even if this was a valid signal I still wouldn’t enter because it was too close to the 10:00am EST news.

entry2

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

News events to watch for Friday:

  • None

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.

  • darkcorner

    Ive been following for a month and was wondering if this was a bad month or about normal for this system. I calculated a gain of 13 pips for the month not counting spread which would tip it into the negatives. Also I was wondering if theres a link to some old logs of this system in action in the past. Thanks and thanks for the very informative blog.

  • darkcorner

    Ive been following for a month and was wondering if this was a bad month or about normal for this system. I calculated a gain of 13 pips for the month not counting spread which would tip it into the negatives. Also I was wondering if theres a link to some old logs of this system in action in the past. Thanks and thanks for the very informative blog.

  • PipSurfer

    Hi Darkcomer- You can check out my stats at link to meetpips.com

    I also have stats that I made before MeetPips was available. /blogs/pip-my-system/cowabunga_trade_record.html

  • PipSurfer

    Hi Darkcomer- You can check out my stats at link to meetpips.com

    I also have stats that I made before MeetPips was available. link to babypips.com

  • HarryHenderson

    Heads up for the informative blog. However, I have found a discrepancy within the following months. It seems that it is safe to say that this is a bad month, and I must say that other users have also come up with the same result as me.

  • HarryHenderson

    Heads up for the informative blog. However, I have found a discrepancy within the following months. It seems that it is safe to say that this is a bad month, and I must say that other users have also come up with the same result as me.