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: 05/31/07

Posted 14:05 31 May 2007 | 3

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

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today's Surf

2:00 am ET- 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 which was at 9750 with a stop at the most recent swing high which was at 9771. Since I was 50 pips away from the nearest 00 level, I set my target for 9700.

6:45 am ET- Unfortunately I was stopped out of my trade.

9:45 am ET- This was a news candle (Chicago PMI). Therefore I did not enter even though we had a valid signal.

Trade Result: -21 pips ; R-Multiple= -1.00

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: 05/03/07 16:32 03 May 2007
Cowabunga System Daily Update- Friday 05/18/07 12:48 21 May 2007
Cowabunga System Daily Update: Friday 05/11/07 14:07 14 May 2007
Cowabunga System Update: Friday 06/08/07 15:30 11 June 2007
Cowabunga System Daily Update: 05/15/07 14:02 15 May 2007

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can u tell us which news reports that u would stay out even u have a valid signal? which reports would u consider significant enough that it'd be too risky to trade before the reports published? i know NFP is certainly one of them.. thx

philtong | Posted 20:55 31 May 2007

Hi , I'm wondering on the Main trend ( 4hr ) chart , what period do u use..? I'm using 70 - 100 is tthat ok ? What is ideal. for your trade on the 05/31/07 , seem like a very valid entry.? how come u were stopped out..? I mean , if all the indicators a right what can go wrong..? tqs very much..

kemkamal | Posted 01:38 04 June 2007

phil- if I am in a trade, I hold onto it except when there are BIG news events like NFP or interest rate statements. However, if a news report (even if it is less significant) causes a big move, and as a result produces a signal, I am more hesitant to take it since the movement I see is most likely a "knee-jerk" reaction from the market.

Kem- Just because we get a signal doesn't mean it will always be right. The best we can do in trading is give ourselves the best chances of winning.

PipSurfer | Posted 14:31 04 June 2007

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