Cowabunga System Daily Update: Thursday, 03/06/08

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :
  • 3:00am EDT- GBP Halifax House Price Index
  • 7:00am EDT- BOE Interest Rate Statement
  • 8:30am EDT- US Unemployment Claims
  • 10:00am EDTUS Pending Home Sales

Today’s Surf

12:15am EDT– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9912 with a stop at the most recent swing low at 1.9901. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.

Entry: Long at 1.9912
Stop: 1.9901
Initial Target: 1.9950

2:45am EDT– My target was not hit by this time, and I knew that the Halifax House Price Index was coming out at 3:00am EDT. I exited my trade before the news and got out at 1.9922.

6:45am EDT– There was a good signal here which would’ve netted alot of pips, but because it was right before the BOE Interest Rate Statement, I did not enter.

entry2

Trade Result: +10 pips; R-Multiple: 0.91

News events to watch for tomorrow :
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