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.

Cowabunga System FAQ

Del.icio.us Bookmark

Technorati Favorite

Latest Posts

December 2012

S	M	T	W	T	F	S
						1
2	3	4	5	6	7	8
9	10	11	12	13	14	15
16	17	18	19	20	21	22
23	24	25	26	27	28	29
30	31

Cowabunga System Daily Update: Wednesday, 12/05/2012

Posted 5 months ago | 1:30 PM | 05 Dec 2012 | Comments

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 :

4:30am EST- UK CIPS Services PMI
7:30am EST- UK Chancellor Osborne makes autumn statement
8:15am EST- US ADP Employment Survey
10:00am EST- US ISM Non Manufacturing; Factory Orders

Today's Surf

2:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid signal. I entered at the close of the candle at 1.6111 with a stop at the most recent swing low at 1.6100. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6150.

Entry: Long at 1.6111; Stop: 1.6100; Target: 1.6150

3:15am EST- Unfortunately I was stopped out of my trade. (-11 pips)

6:00am 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 signal. I entered at the close of the candle at 1.6110 with a stop at the most recent swing low at 1.6090. Since I was 40 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.

Entry: Long at 1.6110; Stop: 1.6090; Target: 1.6150

7:15am EST- My target wasn't hit by this time. Since news was coming out at 7:30am EST, I decided to manually exit my trade. I got out at 1.6105. (-5 pips)

10:00am EST- Never take a trade on a news candle. Either way it wouldn't have been a valid trade because MACD was already positive from the previous candle.

11:15am EST- Did not enter because it was near 12 noon EST. This also wouldn't have a been a valid signal because MACD was already positive from the previous candle.

Trade Result: -11 -5= -16 pips R-Multiple: -1.00; -0.25

News events to watch for Thursday:

4:30am EST- UK Trade Balance
7:00am EST- UK BOE Base Rate
8:30am EST- US Initial Claims

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.