Cowabunga System Daily Update: Wednesday, 11/20/2013

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Main Trend

Trend

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

1:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.6115 with a stop at the most recent swing low at 1.6102. Since I was 35 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.

Entry: Long at 1.6115 Stop: 1.6102 Target: 1.6150

4:15am EST – My target was hit. Price made a clean break but since news was coming out at 4:30am EST, I decided to just exit my trade. I got out right at 1.6150. (+35 pips)

8:00am EST– I didn’t even consider this possible signal because news was coming out at 8:30am EST.

Entry

Trade Result: +35 pips R-Multiple: 2.69

News events to watch for Thursday:

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