Cowabunga System Daily Update: Tuesday, 08/12/08

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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 :

  • 4:30am EST- UK CPI
  • 8:30am EST- US Trade Balance

Today’s Surf

4:45am 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 1.8978 with a stop at the most recent swing high at 1.9083. Since I was 28 pips away from the nearest 50 or 00 level, I put my initial target at 1.8950.

Entry: Short at 1.8978

Stop: 1.9083

Initial Target: 1.8950

8:15am EST- My target wasn’t hit by this time and I knew that news was coming out at 8:30am EST, so I closed my trade. I exited out at 1.9010.

10:30am 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 1.9017 with a stop at the most recent swing high at 1.9068. Since I was 17 pips away from the nearest 50 or 00 level, I put my initial target at 1.9000.

Entry: Short at 1.9017

Stop: 1.9068

Initial Target: 1.9000

11:00am EST- My target was hit! Price made a clean break of my target so I moved my stop to 1.9000 and set my next target for 1.8950.

11:15am EST- Unfortunately I was stopped out at 1.9000.

entry2

Trade Result: -32 +17= -15 pips (NOT INCLUDING SPREAD!) R-Multiple: -0.30; 0.33

News events to watch for tomorrow :

  • 4:30am EST- UK Claimant Count
  • 5:30am EST- BOE Inflation Report
  • 8:30am EST- US Retail Sales

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

Questions? Read the Cowabunga FAQ.

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  • DirkH143

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