Cowabunga System Daily Update: Thursday, 05/21/09
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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 :
- 4:30am EST- UK Retail Sales m/m
- 8:30am EST- US Unemployment Claims
- 10:00am EST- US Philly Fed Manufacturing Index
Today's Surf
2:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.5784 with a stop at the most recent low at 1.5754. Since I was 16 pips away from the nearest 50 or 00 level, I put my initial target at 1.5800.
Entry: Long at 1.5784 Stop: 1.5754 Target: 1.5800
2:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I managed to exit at 1.5795.
8:15am EST- This was not a signal because MACD was already positive and it was right before news.
Trade Result: +11 pips (NOT INCLUDING SPREAD) R-Multiple: 0.36
News events to watch for tomorrow:
- 4:30am EST- UK Revised GDP q/q
For a complete list of news events check out our Forex Economic Calendar.
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Related Posts:
- Cowabunga System Daily Update: Friday, 05/22/09 14:33 22 May 2009
- Cowabunga System Daily Update: Wednesday, 09/16/09 15:03 16 September 2009
- Cowabunga System Daily Update: Thursday, 09/03/09 16:04 03 September 2009
- Cowabunga System Daily Update: Wednesday, 06/17/09 13:41 17 June 2009
- Cowabunga System Daily Update: Wednesday, 06/03/09 13:18 03 June 2009
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