Cowabunga System Daily Update: Thursday, 04/15/2010

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 :

  • 8:30am EST- US Initial Jobless Claims
  • 9:00am EST- US Total Net TIC Flows
  • 9:15am EST- US Capacity Utilization
  • 10:00am EST- US Philadelphia Fed.

Today’s Surf

8:00am 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. Even if it was a valid signal, I still wouldn’t have entered because it was right before a news event.

entry2

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

News events to watch for Friday:

  • 8:30am EST- US Housing Starts
  • 9:55am EST- US U. of Michigan Confidence

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.

  • MEHung

    Hi… When you get a valid signal on the 15 minute chart, do you still take the trade if the Stochastics on the 4 HOUR chart are oversold or overbought?? Thanks. Mike

  • MEHung

    Hi… When you get a valid signal on the 15 minute chart, do you still take the trade if the Stochastics on the 4 HOUR chart are oversold or overbought?? Thanks. Mike

  • mabidashraf

    Yes, thats correct Mike. As long as indicators line up on 15 minutes chart you take the trade irrespective of any readings on the 4 hour chart.

  • mabidashraf

    Yes, thats correct Mike. As long as indicators line up on 15 minutes chart you take the trade irrespective of any readings on the 4 hour chart.