The trend stayed up until 8am EST. From 4am - 8am EST a new trend change candle formed which changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 8am EST. After 8am EST, I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK Jobless Claims Change; Bank of England Minutes
- 8:30am EST- US Consumer Price Index Core Index s.a.
10:00am 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 1.6264 with a stop at the most recent high at 1.6313. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6250.
Entry: Short at 1.6264 Stop: 1.6313 Target: 1.6250
10:15am EST- My target was hit. Price didn't make a clean break so I took my final profit. I exited at 1.6253.
Trade Result: +11 pips (NOT INCLUDING SPREAD) R-Multiple: 0.22
News events to watch for tomorrow:
- 4:30am EST- UK Retail Sales
- 8:30am EST- US Unemployment Claims
- 10:00am EST- US Philly Fed Index
Forex Trading Journal
- Cowabunga System Daily Update: Wednesday, 12/16/09 12:33 16 December 2009
- Cowabunga System Daily Update: Wednesday, 09/16/09 15:03 16 September 2009
- Cowabunga System Daily Update: Thursday, 12/17/09 13:41 17 December 2009
- Cowabunga System Daily Update: Tuesday, 11/24/09 15:57 24 November 2009
- Cowabunga System Daily Update: Wednesday, 11/18/09 14:04 18 November 2009
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