Cowabunga System Daily Update: Tuesday, 08/10/2010

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

2:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.5800 with a stop at the most recent swing high at 1.5826. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5750.

Entry: Short at 1.5800 Stop: 1.5826 Target: 1.5750

4:15am EST- My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I went ahead and manually exited my trade at 1.5809.

5:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.5798 with a stop at the most recent swing high at 1.5824. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5750.

Entry: Short at 1.5798 Stop: 1.5824 Target: 1.5750

6:00am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5755.

entry2

Trade Result: -9 +43= +34 Pips (NOT INCLUDING SPREAD) R-Multiple: -0.34; 1.79

News events to watch for Wednesday:

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.

4 comments

  1. prosper88

    Hello there, Great update today. Can you please re-state your trading times in EST. Also do you remain awake overnight or get up when an alert is received, and once your in a trade do you babysit it?

    Thanks!

    Reply
  2. prosper88

    Hello there, Great update today. Can you please re-state your trading times in EST. Also do you remain awake overnight or get up when an alert is received, and once your in a trade do you babysit it?

    Thanks!

    Reply
  3. Pip SurferPipSurfer

    @prosper- 12midnight – 12noon EST is the trading time for the system. It is best if you can stay awake to trade, but alerts will also work as well.

    Reply
  4. Pip SurferPipSurfer

    @prosper- 12midnight – 12noon EST is the trading time for the system. It is best if you can stay awake to trade, but alerts will also work as well.

    Reply

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