Cowabunga System Daily Update: Tuesday, 10/07/2014

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Main Trend

Trend

 

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

12:30am 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 1.6052 with a stop at the most recent swing low at 1.6036. I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6100.

Entry: Long at 1.6052 Stop: 1.6036 Target: 1.6100

2:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.6100 and set my next target for 1.6150.

2:30am EST– Unfortunately I got stopped out at my original target at 1.6100. (+48 pips)

4:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, but stochastics were negative and MACD was also moving further negative. This cancelled out the signal and I did not enter.

7:45am 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 1.6075 with a stop at the most recent swing low at 1.6043. I was 25 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6100.

Entry: Long at 1.6075 Stop: 1.6043 Target: 1.6100

9:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.6100 and set my next target for 1.6150.

10:00am EST– Unfortunately I got stopped out at my original target at 1.6100. (+25 pips)

Entry

 

Trade Result: +48+25= +73 pips R-Multiple: 3.00; 0.78

News events to watch for Wednesday:

  • None

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  • ForExchange

    Good to see you back on the site!