Cowabunga System Daily Update: Thursday, 05/20/2010

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 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

GBPUSD 240 min chart

Current Trend

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

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

News events to watch for today :

  • 4:30am EST– UK Retail Sales 
  • 8:30am EST– US Initial Jobless Claims
  • 10:00am EST- US Philly Fed Index

Today’s Surf

3:45am EST– There was a valid signal here but because it was close to the 4:30am EST news event I did not enter.

entry2

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

News events to watch for Friday:

  • 4:30am EST– UK Public Sector Net Borrowing

For a complete list of news events check out our Forex Economic Calendar. If you have any questions, check out the Cowabunga FAQs or discuss the Cowabunga System in our Forex Forums.