Partner Center Find a Broker

The CFTC may be changing the rules for retail traders in the US. This affects many of us in a negative way and we need your help getting our voices heard.

Read more of the details

I can not find better words to describe my position on all this than those from Andrei Pehar, Chief Currency Strategist at fxKnight.com.  

Andrei says: "I am not opposed to regulation nor regulatory agencies. But that regulation needs to be fair, transparent, and open to public input. Otherwise it becomes corrupt and self-serving. Sure high leverage can get you into trouble if used thoughtlessly. Sure hedging when not done properly turns one loss into two. But I believe the cure is EDUCATION, not restricting what people can and cannot do with their investment decisions. Guide, don’t dominate – government was invented to protect people and their property, not to limit their potential.

We at BabyPips.com disagree with the CFTC proposal.

If you disagree as well, you may submit your comments to secretary@cftc.gov.  

Include “Regulation of Retail Forex” in the subject line of the message and the identification number RIN 3038-AC61 in the body of the message. Please, help us to spread the word!

I think this is a very important matter that affects us all, and we should try our hardest to ensure that things will be done for the best of the trading community.

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

Main Trend

Current Trend

The trend stayed down the entire day.

Today I only looked for short trades.

News events to watch for today :

  • 7:00am EST– UK Bank of England Interest Rate Decision
  • 8:30am EST- US Non-Farm Productivity
  • 10:00am EST– US Factory Orders

Today’s Surf

12:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD went from positive to negative, but stochastics were trending up. This cancelled the signal and I did not enter.

8:45am EST– 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 1.5844 with a stop at the most recent swing high at 1.5885. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5800.

Entry: Short at 1.5844 Stop: 1.5885 Target: 1.5800

9:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.5800 and set my next target for 1.5750.

11:30am EST- My 2nd target at 1.5750 was hit. Price made a clean break so I moved my stop to 1.5750 and set my next target for 1.5700.

11:45am EST- Unfortunately I got stopped out at my 2nd target at 1.5750.

entry2

Trade Result: +94 pips (NOT INCLUDING SPREAD) R-Multiple: 2.29

News events to watch for tomorrow:

  • 4:30am EST– UK PPI Input m/m
  • 8:30am EST- US Change in Non-farm Payrolls
  • 10:00am EST– US Factory Orders

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forex Forums.