Cowabunga System Daily Update: 10/30/07

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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

1:45am ET– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.

3:45am 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 2.0617 with a stop at the most recent swing low at 2.0563. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0650.

Entry: Long at 2.0617
Stop: 2.0563
Initial Target: 2.0650

4:45am ET– My target was hit. The price did not make a clean break of my target so I took my final profit. I managed to get out at 2.0649.

Trade Result: +32 pips; R-Multiple: 0.59

Tomorrow’s news events to watch out for:

  • 8:30am ET- US GDP Annualized, US GDP Deflator
  • 2:15pm ET- US Interest Rate Statement

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

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