Cowabunga System Daily Update: Tuesday, 04/13/2010

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 until 8:00am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from down to UP. After 8am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 8:00am EST. After 8am EST, I only looked for long trades.

News events to watch for today :

  • 4:30am EST- UK Total Trade Balance
  • 8:30am EST- US Trade Balance

Today’s Surf

3:30am EST- There was a valid signal here but because it was close to a news event I did not enter. See the video for a more thorough explanation on why I didn’t enter this one.

entry2

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

News events to watch for Friday:

  • 8:30am EST- US Consumer Price Index
  • 10:00am EST- US Fed Chairman Ben Bernanke Speaks to Joint Economic Committee

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.

  • 1geniuz

    How can I set my platform to indicate when the trend has changed… how do i get set up to use ‘trend change’ candles so i can look for long or short opportunities on the right time frame?

  • 1geniuz

    i am using the TOS platform…

  • Phepi

    welcome back, thanks for writing this blog :) i want just ask you if you are on http://www.mt4pips.com too? best regards phepi

  • 1geniuz

    How can I set my platform to indicate when the trend has changed… how do i get set up to use ‘trend change’ candles so i can look for long or short opportunities on the right time frame?

  • 1geniuz

    i am using the TOS platform…

  • Phepi

    welcome back, thanks for writing this blog :) i want just ask you if you are on http://www.mt4pips.com too? best regards phepi

  • JCunited

    hI I am new here. the same question for me , how to set the candle to show trend change . I use marketscope from FXCM.

    Also where can i see a copy of the trading log?

    cheers

  • JCunited

    hI I am new here. the same question for me , how to set the candle to show trend change . I use marketscope from FXCM.

    Also where can i see a copy of the trading log?

    cheers