Cowabunga System Daily Update: Thursday, 02/06/2014

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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

3:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.6293 with a stop at the most recent swing high at 1.6315. Since I was 43 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6250.

Entry: Short at 1.6293 Stop: 1.6315 Target: 1.6250

6:45am EST– Unfortunately I was stopped out of my trade. (-22 pips)

Entry

Trade Result: -22 pips R-Multiple: -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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