About Pip My System

Pip My System Author 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 system and apply it to an unsimple market. If you're new to the blog you should read this first.

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June 2007

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Cowabunga System Daily Update: 06/05/07

Posted 15:29 05 June 2007 by Pip Surfer
If this is your first time visiting this blog, read this first!

Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

Today's Surf

2:00 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 9922 with a stop at the most recent swing low which was at 9913. Since I was 28 pips away from the nearest 50 level I decided to set my target at 9950.

8:00 am ET - My target was hit but the price did not make a clean break of 9950 so I ended up taking my final profit.

Trade Result: +28 pips ; R-Multiple= 3.11

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Comments (3)

hi, thx for yr system, i want to ask how do u define what's a clean break? i mean, as the target 9950 was hit the first instance, what do u do? u wait to see if it's a clean break or not? how long do u wait? what if it just retrace right after 9950? these questions always trouble me, hope u understand...
philtong | Posted 22:50 05 June 2007
I try to wait until the close of the candle, but usually I watch for the speed at which the price is moving. If the price is moving really fast in my direction then I have a good indication that it will be a clean break. If price seems to be struggling, then I keep my finger close to my mouse in case I need to exit. When I see a clean break, I simply trail my stop to whatever my original target was. Hope that helps!
PipSurfer | Posted 13:53 06 June 2007
thx for yr explanation..it helps a lot.. another quick question: if i see the price struggling, say at 9955, how much should i allow the price to retrace before i really need to exit and don't wait for the candle to close? 10 pips? but then i may not even get out at 9950 which hurts...do u have some kind of rules for that or just experience? thx
philtong | Posted 21:48 06 June 2007

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