Cowabunga System Daily Update: Tuesday, 12/11/07

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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

12:45am 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 2.0466 with a stop at the most recent swing low at 2.0456. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0500.

Entry: Long at 2.0466

Stop: 2.0456

Initial Target: 2.0500

2:15am EDT– My target was hit. Price closed right at my target so I went ahead and took my final profit.

4:30am EDT– There was a valid signal here but like yesterday I did not enter because it was right before a major news event (German Zew Sentiment).

7:00am 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 2.0490 with a stop at the most recent swing low at 2.0466. Since I was only 10 pips away from the nearest 50 or 00 level (2.0500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 24. This put my initial target at 2.0514.

Entry: Long at 2.0490

Stop: 2.0466

Initial Target: 2.0514

9:15am EDT– Unfortunately I was stopped out of my trade.

Trade Result: +34 -24= +10 pips; R-Multiple: 3.40, -1.00

News events to watch for tomorrow :

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

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  • jsd1004

    Why do you not factor in spreads. I presume you get charged spreads of approx 4 pips?

  • jsd1004

    Why do you not factor in spreads. I presume you get charged spreads of approx 4 pips?