Cowabunga System Daily Update: Thursday, 04/01/2010

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 Purchasing Manager Index Manufacturing
  • 8:30am EST- US Initial Jobless Claims
  • 10:00am EST- US ISM Manufacturing

Today’s Surf

12:15am EST- 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 at 1.5202 with a stop at the most recent swing low at 1.5181. Since I was 48 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5250.

Entry: Long at 1.5202 Stop: 1.5181 Target: 1.5250

2:45am EST- Unfortunately I was stopped out of my trade.

3:15am EST- 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 at 1.5224 with a stop at the most recent swing low at 1.5179. Since I was 26 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5250.

Entry: Long at 1.5224 Stop: 1.5179 Target: 1.5250

4:15am EST- My target wasn’t hit at this point. I knew that news was coming out at 4:30am EST so I went ahead and exited my trade. I got out at 1.5234.

5:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, MACD was negative and gaining value, but stochastics were trending down. This cancelled out the signal and I did not enter.

8:30am EST- No entry because it was a news candle.

entry2

Trade Result: -21 +10= -11 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; 0.22

News events to watch for Friday:

  • 8:30am EST- US Change in Non-Farm Payrolls

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.

  • ClarkyJos

    Dude i nearly dropped my lunch………good April fool.

  • gabriel888

    That’s a Gd. 1!
    Happy April Fools’ day n’ enjoy your Gd. Friday holidays ya’..
    Cheers, Gabriel.

  • ClarkyJos

    Dude i nearly dropped my lunch………good April fool.

  • gabriel888

    That’s a Gd. 1!
    Happy April Fools’ day n’ enjoy your Gd. Friday holidays ya’..
    Cheers, Gabriel.

  • kblaze

    dude you gotta wait till the end of the video to say april fools!
    also, I have a question, I dont know why but my MACD is diff than yours,
    for example on april 1st it stayed positive for the cable all day, which tells me I’m doing something wrong.
    I use tradeview meta

  • kblaze

    dude you gotta wait till the end of the video to say april fools!
    also, I have a question, I dont know why but my MACD is diff than yours,
    for example on april 1st it stayed positive for the cable all day, which tells me I’m doing something wrong.
    I use tradeview meta

  • safaria2

    You mentioned that this system is only the one you use. Could you go over the other systems you use?

  • safaria2

    *is not the only system you use* (correction)

  • safaria2

    You mentioned that this system is only the one you use. Could you go over the other systems you use?

  • safaria2

    What is your total pips after the spread? It’s pointless to count pips before spread since 99% of traders pay the spread & some trades are not profitable because of the spread. So please include your spread when disclosing your pips made & lost.

  • safaria2

    What is your total pips after the spread? It’s pointless to count pips before spread since 99% of traders pay the spread & some trades are not profitable because of the spread. So please include your spread when disclosing your pips made & lost.

  • PipSurfer

    @safaria- I don’t include the spread because it can be different depending on which broker you are using. If you look at my overall pips you can easily factor in what the net gain would be. Simply take the number of trades I’ve taken and multiply that by whatever spread you pay. That should give you an estimate of the net gains.

  • Bondtrader

    Did Pip Surfer retire or something ? Long time no daily video ???

    BondTrader

  • PipSurfer

    @safaria- I don’t include the spread because it can be different depending on which broker you are using. If you look at my overall pips you can easily factor in what the net gain would be. Simply take the number of trades I’ve taken and multiply that by whatever spread you pay. That should give you an estimate of the net gains.

  • Bondtrader

    Did Pip Surfer retire or something ? Long time no daily video ???

    BondTrader