Cowabunga System Daily Update: Thursday, 10/30/2014

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Main Trend

Trend

 

Current Trend

The trend was DOWN the entire day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

12:45am 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 1.5979 with a stop at the most recent swing high at 1.5986. Since I was 29 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5950.

Entry: Short at 1.5979 Stop: 1.5986 Target: 1.5950

2:15am EST– Unfortunately I was stopped out of my trade. (-7 pips)

4:00am 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 1.5973 with a stop at the most recent swing high at 1.5988. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5950.

Entry: Short at 1.5973 Stop: 1.5988 Target: 1.5950

5:15am EST– Unfortunately I was stopped out of my trade. (-15 pips)

Entry

 

Trade Result: -7 -15= -22 pips R-Multiple: -1.00; -1.00

News events to watch for Friday:

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