Cowabunga System Daily Update: Tuesday, 03/17/09


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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :

  • 8:30am EDT- US Building Permits, PPI

Today’s Surf

6:00am EDT – There was a valid signal here. However, this was one of those cases where bending the rules was ok in this situation. If you pay attention to the news calendar for the day, you see that the German ZEW economic sentiment came out at this time which is a major news report. Normally we disregard news that doesn’t pertain to the Sterling or Dollar, but when a news report causes our pair to move rapidly like it did today, you should give it a second look. In this case, the report caused the Cable to break out of what was a very slow day up to this point. Because of this, I did not take this trade. It’s also one of those reasons we don’t enter on news candles anyways. The market sometimes tends to over react to these reports and today was a perfect case study of that.

Entry: Short at 1.3809

Stop: 1.3849

Target: 1.3769

10:45, 11:45am EDT- These were not valid signals because MACD was already positive.

entry2

Trade Result: +0 pips R-Multiple: N/A

News events to watch for tomorrow :

  • 5:30am EDT- UK Claimant Count Change; MPC Meeting Minutes
  • 8:30am EDT– US Core CPI m/m
  • 2:15pm EDT– US FOMC Statement

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

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