Cowabunga System Daily Update: Tuesday, 10/21/2014

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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

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 1.6174 with a stop at the most recent swing low at 1.6150. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6200.

Entry: Long at 1.6174 Stop: 1.6150 Target: 1.6200

5:45am EST– Unfortunately I was stopped out of my trade. (-24 pips)

8:15am 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 1.6163 with a stop at the most recent swing low at 1.6141. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6200.

Entry: Long at 1.6163 Stop: 1.6141 Target: 1.6200

9:45am EST– My target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to manually exit my trade. I got out at 1.6158. (-5 pips)

Entry

 

Trade Result: -24 -5= -29 pips R-Multiple: -1.00; -0.22

News events to watch for Wednesday:

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