Cowabunga System Daily Update: 10/23/07

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Main Trend

Current Trend= The trend remained down until 8am ET. From 4am – 8am ET, a new trend change candle formed and changed the trend from down to UP. After 8am ET, the trend remained up the rest of the day.

Today I looked for short trades until 8am ET. After 8am ET, I only looked for long trades.

Today’s Surf

12:00am ET– 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 2.0338 with a stop at the most recent swing high at 2.0363. Since I was 38 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0300.

Entry: Short at 2.0338
Stop: 2.0363
Initial Target: 2.0300

2:00am ET– Unfortunately I was stopped out of my trade.

3:15am ET– 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 2.0342 with a stop at the most recent swing high at 2.0388. Since I was 42 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0300.

Entry: Short at 2.0342
Stop: 2.0388
Initial Target: 2.0300

4:15am ET– Unfortunately I was stopped out of my trade.

Trade Result: -25 -46= -71 pips; R-Multiple: -1.00, -1.00

Tomorrow’s news events to watch out for:

  • 10:00am ET– US Existing Home Sales

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

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