Cowabunga System Daily Update: Thursday, 11/14/2013

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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

12:30am 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 1.6037 with a stop at the most recent swing low at 1.6026. Since I was 13 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.

Entry: Long at 1.6037 Stop: 1.6026 Target: 1.6050

2:00am EST – Unfortunately I was stopped out of my trade. (-11 pips)

3:00am 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 1.6049 with a stop at the most recent swing low at 1.6023. Since I was only 1 pip away from the nearest 50 or 00 level (1.6050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 26 pips. This put my initial target at 1.6075.

Entry: Long at 1.6049 Stop: 1.6023 Target: 1.6075

4:15am EST – My target was not hit by this time. Since news was coming out at 4:30am EST, I decided to exit my trade. I got out at 1.6045. (-4 pips)

7:00am 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 1.6036 with a stop at the most recent swing low at 1.5987. Since I was 14 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.

Entry: Long at 1.6036 Stop: 1.5987 Target: 1.6050

8:00am EST – My target was hit. Price didn’t make a clean break but since news was coming out at 8:30am EST, I wanted to grab as many pips as possible and get out. I exited at 1.6055. (+19 pips)

Entry

Trade Result: -11 -4 +19 = +4 pips R-Multiple: -1.00; -0.15; 0.38

News events to watch for Friday:

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