Cowabunga System Daily Update: Thursday, 04/24/2014

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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

1:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

4:15am 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 1.6784 with a stop at the most recent swing high at 1.6805. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6750.

Entry: Short at 1.6784 Stop: 1.6805 Target: 1.6750

5:45am EST– My target wasn’t hit by this time. Since news was coming out at 6:00am EST, I decided to manually exit my trade. I got out at 1.6787 (-3 pips)

6:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

8:15am EST– There was a valid signal here but because it was right before the 8:30am EST news, I did not enter.

Entry

Trade Result: -3 pips R-Multiple: -0.11

News events to watch for Friday:

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