Cowabunga System Daily Update: Wednesday, 07/30/08

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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 :

  • 8:15am EST– US ADP Nonfarm Employment Change

Today’s Surf

1:15am 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 1.9809 with a stop at the most recent swing high at 1.9816. Since I was only 9 pips away from the nearest 50 or 00 level, AND because I would only get 7 pips if I went for the same amount of pips I was risking, I decided to set my own target of about 15 pips. This put my target at 1.9794.

Entry: Short at 1.9809

Stop: 1.9816

Initial Target: 1.9794

1:45am EST- My target was hit! Price made a big break of my target so I moved my stop to lock in 30 pips at 1.9779 and set my next target for 1.9750.

2:00am EST- Unfortunately I was stopped out at 1.9779.

6:00am 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 1.9800 with a stop at the most recent swing high at 1.9840. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9750.

Entry: Short at 1.9800

Stop: 1.9840

Initial Target: 1.9750

8:00am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:15am EST, I decided to close out my trade. I exited at 1.9810.

entry2

Trade Result: +30 -10= +20 (NOT INCLUDING SPREAD: R-Multiple: 4.28; -0.25

News events to watch for tomorrow :

  • 2:00am EST– UK Nationwide HPI
  • 8:30am EST– US Advance GDP

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

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