Cowabunga Daily Surf Report: 10/02/2013

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Main Trend

Entry

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

8:30am 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 1.6222 with a stop at the most recent swing low at 1.6191. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6250.

Entry: Long at 1.6222 Stop: 1.6191 Target: 1.6250

9:00am EST – My target was hit. Price didn’t make a clean break so I exited my trade. I got out at 1.6248. (+26 pips)

Trend

Trade Result: +26 pips R-Multiple: 0.83

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.

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