Cowabunga System Daily Update: 10/18/07

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

Today’s Surf

1:15am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 2.0405 with a stop at the most recent swing low at 2.0383. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0450.

Entry: Long at 2.0405

Stop: 2.0383

Initial Target: 2.0450

4:15am ET- My target hadn’t been hit by this time. I knew that the UK Retail Sales were coming out at 4:30, and according to my rules, I never hold trades over significant news reports. As a result, I manually closed my trade. I ended up getting out at 2.0410.

Trade Result: +5 pips; R-Multiple: 0.22

Tomorrow’s news events to watch out for:

  • 4:30am ET- GBP GDP
  • 10:00am ET- US Fed Chairman, Ben Bernanke speaks

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

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