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: 05/23/07

Posted 15:13 23 May 2007 | 6

If this is your first time visiting this blog, read this first!

I apologize for not posting yesterday. I was feeling sick the entire day and did not trade. It's never good to surf when you're not feeling 100%!

Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

Today's Surf

4:45 am ET- 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 entry. The entry was at the close of the candle which was at 9754 with a stop at the most recent swing low which was at 9714. Since I was 46 pips away from the nearest 00 level I set my target at 9800.

6:30 am ET- My target was hit. The price made a clean break of my target so I moved my stop to 9800 and set my next target for 9850.

7:45 am ET- My 2nd target was hit. The price made another clean break so I moved my stop to 9850 and set my 3rd target for 9900.

12:45 pm ET- The price never got to 9900 and it was starting to get late in the day. I saw a moving average crossover in the opposite direction of my trade and decided to go ahead and exit my position. I ended up getting out at 9867.

Trade Result: +113 pips ; R-Multiple= 2.82

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: 04/11/07 16:12 11 April 2007
Cowabunga System Daily Update: 06/04/07 15:31 04 June 2007
Cowabunga System Daily Update: 04/12/07 14:09 12 April 2007
Cowabunga System Daily Update: 08/22/07 14:22 22 August 2007
Cowabunga System Daily Update: 06/05/07 15:29 05 June 2007

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HI BP, which software do you have? Xtick pro or xtick extreme?

jnun2007 | Posted 15:44 23 May 2007

BP that was a great trade. I am following your system as closely as I can. I made an entry going short on the 15 minute candle dipping below the 5 & 10 EMA. I thouhgt it was a valid entry because RSI was under 50, stochastics were trending down, and MACD was positive going negative. I know on the 4 hour chart the EMAs were very close. Please tell me where I went wrong on that entry. After exiting the short position, I entered going long and exited with a 72 pip profit. I really enjoy this system.

barracuda905 | Posted 19:41 23 May 2007

Hi Barracuda905, For me I won't deciding to go short on your earlier trade. Simply because the main trend on 4 hour chart does not clearly shows any change of candle trend. I stick to earlier indication on 4 hour of going long, even the chart on 15 minute says the other way. For me main trend on 4 hour chart more important in deciding entry. I make the same mistake as you before because I neglect the 4 hour chart of the main trend.

babyfx | Posted 20:21 23 May 2007

Very impressive trade Pip Surfer!! I'm using netdania charts and the ema's had not crossed over at the end of the 4:45 am candle, (just touching) so I stayed out :-( I wouldn't have made 113 pips anyway as I set a take profit order when my target is reached (I can't watch the trade all day) Thanks again for posting

bruadair | Posted 03:39 24 May 2007

PS -- I am a bit confused here. I also saw that trade, but decided not to enter b/c the BOE report had come out at 9.0 from the previous at 7.2. This clearly seems to be the reason what triggered the GBP -- but I thought you avoid trades triggered by important news reports. Had no idea that the GBP would rise the way it did though. So what is your criteria to which news reports you trade and which news reports you don't. Cheers.

pinetree | Posted 05:48 24 May 2007

jnun- I use Xtick Professional

barracuda- The trend on the 4hr chart was still long since there was no new trend change candle to say otherwise. Since the trend on the 4hr chart was up, I only looked for long trades. This is why I didn't take any short trades that day.

pinetree- My entry actually came 30 minutes (close of the 4:45am ET candle) after the BOE minutes were released which is why I felt it was ok to enter. Had the signal come on the 4:30 candle I probably would've stayed out. As long as its not the exact news candle that causes the move, I will most likely take the trade. Hope that helps.

Happy trading everyone! Cowabunga dudes!

PipSurfer | Posted 14:41 24 May 2007

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