Cowabunga System Daily Update: Tuesday, 03/04/2014

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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

4:45am 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 1.6675 with a stop at the most recent swing high at 1.6717. Since I was 25 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6650.

Entry: Short at 1.6675 Stop: 1.6717 Target: 1.6650

9:45am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to exit my trade. I got out at 1.6682. (-7 pips)

Entry

Trade Result: -7 pips R-Multiple: -0.16

News events to watch for Wednesday:

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  • Rammar

    Where you take entry? Is it on close first bar after EMA5 and EMA10 cros?