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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June 2007

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Cowabunga System Daily Update: 06/12/07

Posted 16:25 12 June 2007 | 3

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

Main Trend

Current Trend= There was a new trend change candle that formed from 12am ET - 4am ET. This trend change candle changed the trend from down to UP. The trend remained up the rest of the day.

Today I only looked for long trades.

Today's Surf

6:15 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 9736 with a stop at the most recent swing low which was at 9693. Since I was only 14 pips away from the nearest 50 level I decided to go for the same amount of pips I was risking which in this case was 43. This put my target at 9779..

1:45 pm ET- My target is hit. Price doesn't make a clear break of my target so I take my final profit.

Trade Result: +43 pips; R-multiple= 1.00

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: 03/15/07 16:02 15 March 2007
Cowabunga System Daily Update: 04/05/07 14:01 05 April 2007
Cowabunga System Daily Update: 07/09/07 15:57 09 July 2007
Cowabunga System Daily Update: 08/22/07 14:22 22 August 2007
Cowabunga System Daily Update: 05/16/07 14:08 16 May 2007

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Dude, I'm diggin the cowabunga system but I think I'm missing something on the MACD. My chart is set up with 12, 26, 9. I get a histogram and a single line. Just doesn't groove with yours. Can you get me paddling straight to catch the next wave?

pip.surfer | Posted 23:28 12 June 2007

ahh good trade! I got in on the same signals you did but bailed out at +6 at about 13:15EDT because my trade had hardly moved and it was coming close to market close. Jet Li might say: That....was a mistake. So, that leads me to the question: do you wait till the market actually CLOSES before you close out your open positions?

shaun365 | Posted 01:58 13 June 2007

Do you wait until the close of the 4 hr. candle that signals a trend to trade? or do you look for signals on the 15 minute chart once the moving averages cross on the 4 hr?

legrady | Posted 11:36 13 June 2007

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