Cowabunga System Daily Update: Thursday, 08/19/10

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 down day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

12:45am 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 1.5565 with a stop at the most recent swing high at 1.5577. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5550.

Entry: Short at 1.5565 Stop: 1.5577 Target: 1.5550

2:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5552.

10:30am EST and 11:30am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

entry2

Trade Result: +13 pips (NOT INCLUDING SPREAD) R-Multiple: 1.08

News events to watch for Friday:

  • None

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

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  • artur82

    Hi, there, I have been trading your sistem for about 2 months now and I’m proud to say I’m successful using it. The reason I have been testing it is that I’m using it for a project at my MBA but I’d like to know if you have a log with all your results so I can calculate the risk for the investment more acuratly. Or do I have to go over the hundreds of posts that you’ve done?

    Thanks in advance and keep up the good work
    R2