Cowabunga System Daily Update: Tuesday, 11/12/2013

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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

12:45am 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 1.5976 with a stop at the most recent swing high at 1.5990. Since I was 26 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5950.

Entry: Short at 1.5976 Stop: 1.5990 Target: 1.5950

1:45am EST – My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5953. (+23 pips)

Entry

Trade Result: +23 pips R-Multiple: 1.64

News events to watch for Wednesday:

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