Partner Center Find a Broker


Start your own blog and share your trades at MeetPips.com

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 the entire day.

Today I only looked for short trades.

News events to watch for today :

  • 4:30am EDT- UK CPI y/y
  • 9:00am EDT– US TIC Long-Term Purchases

Today’s Surf

12:15am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.4204 with a stop at the most recent high at 1.4228. Since I was only 4 pips away from the nearest 50 or 00 level (1.4200), I decided to go for the same amount of pips I was risking on the trade, which in this case was 24. This put my initial target at 1.4180.

Entry: Short at 1.4204

Stop: 1.4228

Target: 1.4180

2:15am EDT- My target was hit. Price made a clean break so I moved my stop to 1.4180 and set my next target at 1.4150. During this same candle, my 2nd target was hit at 1.4150. Price made another clean break so I moved my stop to 1.4150 and set my next target for 1.4100.

2:30am EDT– Unfortunately I was stopped out at 1.4150

8:45am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and went to negative. However, news was coming out at 9:00am EDT, so I did not enter.

11:15am EDT-There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.

entry2

Trade Result: +54 pips (NOT INCLUDING SPREAD) R-Multiple: 2.25

News events to watch for tomorrow :

  • 4:30am EDT– UK MPC Meeting Minutes
  • 8:30am EDT– US Building Permits
  • 1:00pm EDT– US Fed Chairman Bernanke Speaks
  • 2:00pm EDT– US FOMC Meeting Minutes

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.