Cowabunga System Daily Update: Tuesday, 03/30/2010

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 :

  • 4:30am EST- UK Gross Domestic Product 
  • 9:00am EST- US S&P/Case-Shiller Composite-20
  • 10:00am EST- US CB Consumer Confidence

Today’s Surf

No trades today!

entry2

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

News events to watch for Friday:

  • 8:15am EST- US ADP Employment Change
  • 9:45am EST- US Chicago Purchasing Manager
  • 10:00am EST- US Factory Orders

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.

  • Drumpip

    again, thanks for the videos. I see that this system is applied as a 12 hour session (12am-12pm). Do you use alerts on the crosses? or your awakr through out the whole night.. just wondering.

  • Drumpip

    again, thanks for the videos. I see that this system is applied as a 12 hour session (12am-12pm). Do you use alerts on the crosses? or your awakr through out the whole night.. just wondering.

  • gabriel888

    Hi Pip Surfer,
    I realize that u hardly talk about Support n’ Resistance.
    I’m wonderin’ should we incorporate Fibonacci or Pivot Points into e Cowabunga System?
    Just a thought.
    Gd. day,
    Gabriel.

  • gabriel888

    Hi Pip Surfer,
    I realize that u hardly talk about Support n’ Resistance.
    I’m wonderin’ should we incorporate Fibonacci or Pivot Points into e Cowabunga System?
    Just a thought.
    Gd. day,
    Gabriel.

  • PipSurfer

    @drumpip- I like to stay awake but i know alot of people that use alerts. Check out the FAQ page on the left hand column of this page for more info on alerts.

    @gabriel- This is one of the reasons that we mostly use 00 and 50 levels as our targets. These levels tend to act as support/resistance. With that said, it is definitely a good idea to look at major support and resistance areas on higher time frame charts as well as fib levels on these same time frames. Getting the bigger picture is important no matter what system you are trading. However, it is not an exact rule for the Cowabunga System. Hope that helps. Happy trading!

  • PipSurfer

    @drumpip- I like to stay awake but i know alot of people that use alerts. Check out the FAQ page on the left hand column of this page for more info on alerts.

    @gabriel- This is one of the reasons that we mostly use 00 and 50 levels as our targets. These levels tend to act as support/resistance. With that said, it is definitely a good idea to look at major support and resistance areas on higher time frame charts as well as fib levels on these same time frames. Getting the bigger picture is important no matter what system you are trading. However, it is not an exact rule for the Cowabunga System. Hope that helps. Happy trading!