Partner Center Find a Broker

If you haven’t done so already , go check out BabyPips’ newest creation, FreshPips.com !

Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what’s “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.

Check it out, register, and start submitting cool Forex stories today!

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

Main Trend

Current Trend= The trend remained down until 4am EST. From 12am – 4am EST, a new trend change candle formed and changed the trend from down to UP. After 4am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 4am EST. After 4am EST, I only looked for long trades.

News events to watch for today :
  • 8:30am EST- US Empire State Business Conditions
  • 9:00am EST- US TIC data

Today’s Surf

2:30am EST- 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 at 1.9503 with a stop at the most recent swing high at 1.9542. Since I was only 3 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 39. This put my initial target at 1.9464.

Entry: Short at 1.9503
Stop: 1.9542
Initial Target: 1.9464

4:30am EST– Unfortunately I was stopped out of my trade.

entry2

Trade Result: -39 pips (THIS DOES NOT INCLUDE THE SPREAD): R-Multiple: -1.00

News events to watch for Tomorrow :
  • 4:30am EST– UK CPI
  • 8:30am EST– US PPI, US Housing Starts

For a complete list of news events check out our News Section

Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.