Cowabunga System Daily Update: Thursday, 3/20/2014

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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

1:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.6537 with a stop at the most recent swing high at 1.6544. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6500.

Entry: Short at 1.6537 Stop: 1.6544 Target: 1.6500

1:45am EST- Unfortunately I was stopped out of my trade. (-7 pips)

3:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.6533 with a stop at the most recent swing high at 1.6553. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6500.

Entry: Short at 1.6533 Stop: 1.6553 Target: 1.6500

4:00am EST- Unfortunately I was stopped out of my trade. (-20 pips)

5:30am 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 1.6539 with a stop at the most recent swing high at 1.6567. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6500.

Entry: Short at 1.6539 Stop: 1.6567 Target: 1.6500

7:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6503. (+36 pips)

Entry

Trade Result: -7 -20 +36= +9 pips R-Multiple:-1.00; -1.00; 1.28

News events to watch for Friday:

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