Cowabunga System Daily Update: Thursday, 06/05/2014

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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

1:45am 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 1.6748 with a stop at the most recent swing low at 1.6734. Since I was only 2 pips away from the nearest 50 or 00 level (1.6750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 14 pips. This put my target at 1.6762.

Entry: Long at 1.6748 Stop: 1.6734 Target: 1.6762

5:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.6762 and set my next target at 1.6800.

6:45am EST– Unfortunately I was stopped out at my original target of 1.6762. (+14 pips)

9:00am 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 1.6761 with a stop at the most recent swing low at 1.6721. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6800.

Entry: Long at 1.6761 Stop: 1.6721 Target: 1.6800

10:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6803. (+42 pips)

Entry

Trade Result: +14 +42= +56 pips R-Multiple: 1.00; 1.05

News events to watch for Friday:

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