Cowabunga System Daily Update: Monday, 08/02/2010

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 was down the entire day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

1:15am 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 1.5724 with a stop at the most recent swing low at 1.5707. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5750.

Entry: Long at 1.5724 Stop: 1.5707 Target: 1.5750

3:00am EST- My target was hit. Price made a clean break so I moved my stop to 1.5750 and set my next target for 1.5800.

4:15am EST- My 2nd target was hit. Price didn’t make a clean break and news was coming out at 4:30am EST so I went ahead and took my final profit. I exited at 1.5800.

entry2

Trade Result: +76 Pips (NOT INCLUDING SPREAD) R-Multiple: 4.47

News events to watch for Tuesday:

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.

  • Mercia

    Just wanted to say thank you PipSurfer! Ive been using your system, but highly modified to my own tastes. Its been very very successful!

  • Mercia

    Just wanted to say thank you PipSurfer! Ive been using your system, but highly modified to my own tastes. Its been very very successful!

  • TopofthePips

    Good to have you back and what a time to come back!

  • TopofthePips

    Good to have you back and what a time to come back!