Cowabunga System Daily Update: Tuesday, 05/13/2014

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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

1:30am 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 1.6874 with a stop at the most recent swing high at 1.6882. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6850.

Entry: Short at 1.6874 Stop: 1.6882 Target: 1.6850

4:00am EST– My target was hit. Price made a clean break so I moved mys top to 1.6850 and set my next target for 1.6800.

4:30am EST– Unfortunately I was stopped out at my original target of 1.6850. (+24 pips)

Entry

Trade Result: +24 pips R-Multiple: 3.00

News events to watch for Wednesday:

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