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, 03/14/2013

Posted 2 months ago | 4:44 PM | 14 Mar 2013 | 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 :

8:30am EST- US Initial Claims; PPI; Current Account

Today's Surf

2:15am 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 1.4940 with a stop at the most recent swing low at 1.4926. Since I was 10 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.4950.

Entry: Long at 1.4940; Stop: 1.4926; Target: 1.4950

3:00am EST- My target was hit. Price didn't make a clean break so I took my final profit. I got out at 1.4949. (+9 pips)

6:30am 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 1.4939 with a stop at the most recent swing low at 1.4913. Since I was 11 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.4950.

Entry: Long at 1.4939; Stop: 1.4913; Target: 1.4950

6:45am EST- My target was hit. Price didn't make a clean break so I took my final profit. I got out at 1.4948. (+9 pips)

9:15am 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 1.4961 with a stop at the most recent swing low at 1.4921. Since I was 39 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5000.

Entry: Long at 1.4961; Stop: 1.4921; Target: 1.5000

9:45am EST- My target was hit. Price didn't make a clean break so I took my final profit. I got out at 1.4997. (+36 pips)

Trade Result: +9 +9 +36= +54 pips R-Multiple: 0.64; 0.34; 0.90

News events to watch for Friday:

8:30am EST- US Empire State Survey; CPI
9:15am EST- US Capacity Utilization; Industrial Production
9:55am EST- US Univeristy Of Michigan Sentiment

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