Partner Center Find a Broker

Pssst…Have you heard about MeetPips.com yet?

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 up the entire day.

Today I only looked for long trades

News events to watch for today :

  • 4:30am EDT- UK MPC Minutes
  • 8:30am EDT– US Building Permits, CPI
  • 2:00pm EDT– FOMC Minutes

Today’s Surf

12:30am EDT– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.

5:15am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.5009 with a stop at the most recent swing low at 1.4931. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5050.

Entry: Long at 1.5009

Stop: 1.4931

Initial Target: 1.5050

5:30am EDT- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.5045.

8:45am EDT- 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 at 1.5052 with a stop at the most recent swing low at 1.5018. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5100.

Entry: Long at 1.5052

Stop: 1.5018

Initial Target: 1.5100

9:00am EDT– My target was hit. Price made a clean break so I moved my stop to 1.5100 and set my next target for 1.5150.

9:15am EDT– My 2nd target was hit. Price made a clean break so I moved my stop to 1.5150 and set my next target for 1.5200.

9:30am EDT– My 3rd target was hit. Price again made a clean break so I moved my stop to 1.5200 and set my next target for 1.5250.

9:45am EDT– Unfortunately I was stopped out at 1.5250.

entry2

Trade Result: +36 +198= +234 pips (NOT INCLUDING SPREAD) R-Multiple: 0.46; 5.82

News events to watch for tomorrow :

  • 4:30am EDT- UK Retail Sales
  • 8:30am EDT– US Unemployment Claims
  • 10:00am EDT– US Philly Fed Index

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.