Cowabunga System Daily Update: Tuesday, 10/29/2013

 

Main Trend

Entry

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

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 1.6092 with a stop at the most recent swing high at 1.6118. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6050.

Entry: Short at 1.6092 Stop: 1.6118 Target: 1.6050

5:15am EST – My target wasn’t hit by this time. Since news was coming out, I decided to grab as many pips and get out off my trade. I exited at 1.6080. (+12 pips)

11:30am EST– There was a signal here but because it was right before 12 noon EST, I decided not to enter.

Trend

Trade Result: +12 pips R-Multiple: 0.46

News events to watch for Wednesday:

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