Cowabunga System Daily Update: Wednesday 10/30/2013

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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

3:45am 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 1.6039 with a stop at the most recent swing high at 1.6056. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6000.

Entry: Short at 1.6039 Stop: 1.6056 Target: 1.6000

4:45am EST – Unfortunately I was stopped out of my trade. (-17 pips)

8:45, 10:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

Trend

Trade Result: -17 pips R-Multiple: -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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