Cowabunga System Daily Update: Wednesday, 03/05/2014

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Main Trend

Trend

Current Trend

The trend was DOWN until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from down to UP. After 11am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 11am EST. After 11am EST, I only looked for long 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 1.6660 with a stop at the most recent swing high at 1.6669. Since I was only 10 pips away from the nearest 50 or 00 level (1.6650), and because I was only risking 9 pips on the trade, I decided to go for th next 50 or 00 level which in this case was 1.6600.

Entry: Short at 1.6660 Stop: 1.6669 Target: 1.6600

2:15am EST- Unfortunately I was stopped out of my trade. (-9 pips)

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 1.6670 with a stop at the most recent swing high at 1.6693. Since I was 20 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6650.

Entry: Short at 1.6670 Stop: 1.6693 Target: 1.6650

6:45am EST- Unfortunately I was stopped out of my trade. (-23 pips)

Entry

Trade Result: -32 pips R-Multiple:-1.00; -1.00

News events to watch for Thursday:

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

    Not just following you’r posts checking news and reading some economic articles I stick with my trading plan but still I feel there are some work to do left. I mean I really need to know what exactly an expert trader does in his/her routine working day.

  • http://none bobby

    hey if you see this ,i am new to forex i done gradutation from our babypips,and i saw your system ,..can you hoestly say if there is any other better system for scalping if yes can you give your guidence please
    i will greatly aperciate your help.

    my email – bobys2013 at gmail.com