Cowabunga System Daily Update: Wednesday, 04/30/08

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :
  • 2:00am EST- UK Nationwide Houe Prices
  • 8:15am EST- US ADP Nonfarm Employment Change
  • 8:30am EST– US Advance GDP

Today’s Surf

6:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9666 with a stop at the most recent swing high at 1.9694. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.

Entry: Short at 1.9666
Stop: 1.9694
Initial Target: 1.9650

8:00am EST– My target was not hit by this time. There was news coming up at 8:15am EST so I went ahead and cut my losses by exiting my trade. I closed out at 1.9672.

entry2

Trade Result: -6 pips : R-Multiple: -0.21

News events to watch for tomorrow :
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