Cowabunga System Daily Update: 11/06/07

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Main Trend

Daylight savings time! Because of daylight savings time, the times of the 4hr chart have changed, but the data is still the same.

Current Trend= The trend remained down until 3am EDT. From 11pm – 3am EDT, a new trend change candle formed and changed the trend from down to UP. After 3am EDT, the trend remained up the rest of the day.

Today I looked for short trades until 3am EDT. After 3am EDT, I only looked for long trades.

Today’s Surf

6:00am EDT– 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 2.0872 with a stop at the most recent swing low at 2.0835. Since I was 28 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0900.

Entry: Long at 2.0872
Stop: 2.0835
Initial Target: 2.0900

9:00am EDT– My target was hit at 2.0900. Price did not make a clean break of my target so I took my final profit.

Trade Result: +28 pips; R-Multiple: 0.75

News events to watch for tomorrow :
  • 8:30am EDT- US Non Farm Productivity

For a list of all of tomorrow’s news events, check out our Forex Calendar

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