Cowabunga System Daily Update: Thursday, 06/05/08

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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 :
  • 7:00am EST- UK Interest Rate Statement
  • 8:30am EST- Unemployment Claims

Today’s Surf

2:00am EST– There was a moving average crossover for a short trade. However, stochastics were still trending up which cancelled out the signal. I did not enter on this one.

3:45am 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 1.9501 with a stop at the most recent swing high at 1.9535. Since I was only 1 pip away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 34. This put my initial target at 1.9467.

Entry: Short at 1.9501
Stop: 1.9535
Initial Target: 1.9467

5:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.9473.

entry2

Trade Result: +28 pips (THIS DOESN’T INCLUDE SPREAD): R-Multiple: 0.82

News events to watch for tomorrow :

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

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