About Pip My System

Dude! So you've read just about everything you could possibly get your hands on about the Forex. Now you want to get your feet wet but aren't sure where to start. Well then this blog is for you! Follow along as I take a simple forex trading system and apply it to an unsimple market. If you're new to the blog you should read this first.

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Cowabunga System Daily Update: Thursday, 08/25/11

Posted 2 years ago | 12:09 PM | 25 Aug 2011 | Comments

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 :

6:00am EST- UK CBI Distributive Trades
8:30am EST- US Initial Claims

Today's Surf

1:15am 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 1.6367 with a stop at the most recent high at 1.6379. Since I was 17 pips away from the nearest 00 or 50 level I decided to put my initial target at 1.6350.

Entry: Short at 1.6367 Stop: 1.6379 Target: 1.6350

2:30am EST- Unfortunately I was stopped out of my trade. (-12 pips)

4:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.6377 with a stop at the most recent high at 1.6396. Since I was 27 pips away from the nearest 00 or 50 level I decided to put my initial target at 1.6350.

Entry: Short at 1.6377 Stop: 1.6396 Target: 1.6350

5:15am EST- My target was hit. Price did not make a clean break so I exited my trade. I closed out at 1.6352. (+25 pips)

6:30am 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.

8:00am EST- There was a signal here but because it was right before the 8:30am EST news I did not enter.

Trade Result: -12 +25= +13 pips R-Multiple: -1.00; 1.31

News events to watch for Friday:

4:30am EST- UK GDP
8:30am EST- US Core PCE Price Index; GDP
9:55am EST- US Univ of Mich. Sentiment
10:00am EST- US Bernanke Speaks

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