Cowabunga System Daily Update: Thursday, 10/24/2013

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Main Trend

Entry

Current Trend

The trend was DOWN the entire day.

Today I only looked for short trades.

News events to watch for today :

  • 8:30am EST– US Trade Balance; Initial Claims

Today’s Surf

1:15am 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 1.6191 with a stop at the most recent swing low at 1.6185. Since I was only 9 pips away from the nearest 50 or 00 level and because I was only risking 6 pips on the trade, I had to choose a more suitable target. When this happens I make my target the next 50 or 00 level, which in this case was 1.6250.

Entry: Long at 1.6191 Stop: 1.6185 Target: 1.6250

3:15am EST – Unfortunately I was stopped out of my trade. (-6 pips)

10:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.6175 with a stop at the most recent swing low at 1.6137. Since I was 25 pips away from the nearest 50 or 00 level I decided to put my target at 1.6200.

Entry: Long at 1.6175 Stop: 1.6137 Target: 1.6200

11:45am EST – Unfortunately my target wasn’t hit by this time. Since it was 12 noon EST, I decided to exit my trade. I got out at 1.6185. (+10 pips)

Trend

Trade Result: -6 +10= +4 pips R-Multiple: -1.00; 0.26

News events to watch for Friday:

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