Cowabunga System Daily Update: Thursday, 08/26/2010

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 up the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

4:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, but stochastics were trending down and MACD was negative and was losing value. This cancelled out the signal and I did not enter.

9:30am 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 1.5535 with a stop at the most recent swing low at 1.5505. Since I was 15 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5550.

Entry: Long at 1.5535 Stop: 1.5505 Target: 1.5550.

9:45am EST- My target was hit. Price made a clean break so I moved my stop to 1.5550 and set my next target for 1.5600.

11:30am EST- Unfortunately I got stopped out at my initial target at 1.5550.

entry2

Trade Result: +15 Pips (NOT INCLUDING SPREAD) R-Multiple: 0.50

News events to watch for Friday:

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. Mike060375

    Hey there!
    First of all, congratulation for your work – very good website an service and also ab good system.

    I have two questions:
    1. Do you take a trade with a market order or you set a stop buy / sell order 1 pip obove / unter the signalcandels high / low?
    2. Do you have statistics about your System (Hitrate) and do you live from the gains?

    Reply
  2. Mike060375

    Hey there!
    First of all, congratulation for your work – very good website an service and also ab good system.

    I have two questions:
    1. Do you take a trade with a market order or you set a stop buy / sell order 1 pip obove / unter the signalcandels high / low?
    2. Do you have statistics about your System (Hitrate) and do you live from the gains?

    Reply
  3. cre8

    Hey Pipsurfer just wondering about how you enter your clean breaks do you not set a profit target on the chart and let price move through and if it makes a clean break then it comes back to your target price in the same candle do you leave it till candle close or take profit as close to target area as you can (could you explain how you take profit on normal trade) thanks

    Reply
  4. cre8

    Hey Pipsurfer just wondering about how you enter your clean breaks do you not set a profit target on the chart and let price move through and if it makes a clean break then it comes back to your target price in the same candle do you leave it till candle close or take profit as close to target area as you can (could you explain how you take profit on normal trade) thanks

    Reply

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