Cowabunga System Daily Update: Tuesday, 11/26/2013

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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

5:15am 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 1.6160 with a stop at the most recent swing high at 1.6193. Since I was only 10 pips away from the nearest 50 or 00 level (1.6150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 33. This put my target at 1.6127.

Entry: Short at 1.6160 Stop: 1.6193 Target: 1.6127

8:15am EST – My target wasn’t hit. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.6141. (+19 pips)

Entry

Trade Result: +19 pips R-Multiple: 0.57

News events to watch for Wednesday:

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