Cowabunga System Daily Update: Tuesday, 03/11/2014

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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

12:30am 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 1.6640 with a stop at the most recent swing high at 1.6646. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6600.

Entry: Short at 1.6640 Stop: 1.6646 Target: 1.6600

2:45am EST– Unfortunately I was stopped out of my trade. (-6 pips)

3:45am 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 1.6634 with a stop at the most recent swing high at 1.6652. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6600.

Entry: Short at 1.6634 Stop: 1.6652 Target: 1.6600

5;15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 5:30am EST, I decided to manually exit my trade. I got out at 1.6615. (+19 pips)

Entry

Trade Result: -6 +19= +13 pips R-Multiple:-1.00; 1.05

News events to watch for Wednesday:

  • None

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