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

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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 :
  • 9:00am EST– Ben Bernanke Speaks

Today’s Surf

2:00am 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 1.9612 with a stop at the most recent swing high at 1.9645. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9600.

Entry: Short at 1.9612
Stop: 1.9645
Initial Target: 1.9600

3:45am EST- Unfortunately I was stopped out of my trade.

9:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9648 with a stop at the most recent swing high at 1.9739. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9600.

Entry: Short at 1.9648
Stop: 1.9739
Initial Target: 1.9600

4:00pm EST– My target was not hit by this time, but I always close my trades out by 4pm EST, so I went ahead and exited at 1.9640.

entry2

Trade Result: -33 +8= -25 pips (THIS DOESN’T INCLUDE SPREAD): R-Multiple: -1.00; 0.08

News events to watch for tomorrow :
  • 4:30am EST- UK Services PMI
  • 8:15am EST- US ADP Nonfarm Employment Change
  • 10:00am EST- US ISM Non-Manufacturing Composite

For a complete list of news events check out our News Section

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