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

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

GBPUSD 240 min chart

Current Trend

The trend stayed up the entire day.

Today I only looked for long trades.

News events to watch for today :

  • 8:30am EST– US GDP

Today’s Surf

5:00am EST– 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 1.4526 with a stop at the most recent swing low at 1.4448. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my intial stop at 1.4550.

Entry: Long at 1.4526 Stop: 1.4448 Target: 1.4550

5:30am EST- My target was hit. Price made a clean break so I moved my stop to 1.4550 and set my next target for 1.4600.

5:45am EST– Unfortunately I got stopped out at 1.4550.

11:15am EST– 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 1.4503 with a stop at the most recent swing low at 1.4408. Since I was 47 pips away from the nearest 50 or 00 level, I decided to put my intial stop at 1.4550.

Entry: Long at 1.4503 Stop: 1.4408 Target: 1.4550

11:45am EST- My target was hit. Price made a clean break. I could’ve moved my stop to 1.4550 and set my next target for 1.4600 but since it was late in the day I went ahead and used my discretion to exit. I manually closed out my trade at the close of the candle at 1.4566.

entry2

Trade Result: +24 +63= +87 pips (NOT INCLUDING SPREAD) R-Multiple: 0.30; 0.66

News events to watch for Friday:

  • 8:30am EST– US Core PCE Price Index
  • 9:45am EST– US Chicago PMI
  • 9:55am EST– US Univ of Mich Sent. 

For a complete list of news events check out our Forex Economic Calendar. If you have any questions, check out the Cowabunga FAQs or discuss the Cowabunga System in our Forex Forums.