The CFTC may be changing the rules for retail Forex traders in the US. This affects many of us in a negative way and we need your help getting our voices heard.
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 firstname.lastname@example.org.
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.
The trend stayed down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK Consumer Price Index
- 8:30am EST- US Producer Price Index
The entry was at the close of the candle at 1.4441 with a stop at the most recent swing high at 1.4517. Since I was 41 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.4400.
Entry: Short at 1.4441 Stop: 1.4517 Target: 1.4400
8:15am EST- My target was not hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade at 1.4453.
10:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.4458 with a stop at the most recent swing high at 1.4496. Since I was only 8 pips away from the nearest 50 or 00 level (1.4450) I decided to go for the same amount of pips I was risking on the trade, which in this case was 38. This put my initial target at 1.4420.
Entry: Short at 1.4458 Stop: 1.4496 Target: 1.4420
11:00am EST- My target was hit. Price didn't make a clean break so I took my final profit. I exited at 1.4420.
Trade Result: -12 +38= +26 pips (NOT INCLUDING SPREAD) R-Multiple: -0.15; 1.00
News events to watch for Wednesday:
- 4:30am EST- UK Bank of England Meeting Minutes
- 8:30am EST- US Consumer Price Index
- 2:00pm EST- US FOMC Meeting Minutes
- Cowabunga System Daily Update: Tuesday, 06/08/2010 14:10 08 June 2010
- Cowabunga System Daily Update: Tuesday, 05/25/2010 13:22 25 May 2010
- Cowabunga System Daily Update: Wednesday, 03/17/2010 12:24 17 March 2010
- Cowabunga System Daily Update: Tuesday, 02/16/2010 12:31 16 February 2010
- Cowabunga System Daily Update: Tuesday, 03/16/2010 12:11 16 March 2010
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