Cowabunga System Daily Update: Monday, 08/09/10

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 up the entire day.

Today I only looked for long trades.

News events to watch for today :

  • None

Today’s Surf

1:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.5982 with a stop at the most recent swing low at 1.5960. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6000.

Entry: Long at 1.5982 Stop: 1.5960 Target: 1.6000

3:00am EST- Unfortunately I got stopped out of my trade.

5:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.5969 with a stop at the most recent swing low at 1.5929. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.6000.

Entry: Long at 1.5969 Stop: 1.5929 Target: 1.6000

12:00pm EST- My target wasn’t hit by this time. Since it was 12 noon EST, and market volatility was super low I decided to cut my losses and manually exit my trade. I exited at the close of the candle at 1.5942.

entry2

Trade Result: -22 -27= -49 Pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; -0.67

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.

6 comments

  1. jsd1004

    Surely the system result then is -62. Why do you break your own rules? If intuition comes in to it it is not a system.

    Reply
  2. plasticjack

    Perhaps I’m wrong, but when I looked at the charts today all the way from the 1min to the 4 hours, I determined a downtrend!?

    Reply
  3. jsd1004

    Surely the system result then is -62. Why do you break your own rules? If intuition comes in to it it is not a system.

    Reply
  4. plasticjack

    Perhaps I’m wrong, but when I looked at the charts today all the way from the 1min to the 4 hours, I determined a downtrend!?

    Reply

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