Cowabunga System Daily Update: 10/09/07

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today’s Surf

2:45am ET- 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 2.0333 with a stop at the most recent swing high at 2.0345. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0300.

Entry: Short at 2.0333

Stop: 2.0345

Initial Target: 2.0300

4:00am ET- Unfortunately I was stopped out of my trade.

5:00am ET- 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 2.0332 with a stop at the most recent swing high at 2.0352. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0300.

Entry: Short at 2.0332

Stop: 2.0352

Initial Target: 2.0300

5:30am ET- My target was hit. Price made a clean break of my target, so I moved my stop loss to 2.0300 and set my next target for 2.0250.

5:45am ET- Unfortunately I was stopped out at 2.0300.

Trade Result: -12 +32= +20 pips; R-Multiple: -1.00, 1.60

Tomorrow’s news events to watch out for:

  • Nothing really in regards to the Sterling and Dollar.

For the rest of tomorrow’s news lineup, check out our Forex Calendar

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  • pravinforex

    Is there any automated sytem that will alert me when say, stochastics for a given pair reach a particular value? I cannot watch charts at work!!

    Thanks for any answers

  • pravinforex

    Is there any automated sytem that will alert me when say, stochastics for a given pair reach a particular value? I cannot watch charts at work!!

    Thanks for any answers