Cowabunga System Daily Update: Tuesday, 03/25/2014

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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

2:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

3:30am 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 1.6487 with a stop at the most recent swing high at 1.6501. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6450.

Entry: Short at 1.6487 Stop: 1.6501 Target: 1.6450

5;15am EST– 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 1.6482 (+5 pips)

Entry

Trade Result: +5 pips R-Multiple: 0.35

News events to watch for Wednesday:

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