Cowabunga System Daily Update: Tuesday, 08/11/09

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Main Trend

Current Trend

The trend stayed down the entire day.

Today I only looked for short trades.

News events to watch for today :

  • 4:30am EST- UK Total Trade Balance
  • 8:30am EST- US Non-Farm Productivity

Today’s Surf

12:30am EST- There was a moving average crossover for a short trade. RSI was less than 50, but stochastics were trending up and MACD was already negative. This cancelled out the signal and I did not enter.

3:15am 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 1.6476 with a stop at the most recent high at 1.6500. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6450.

Entry: Short at 1.6476 Stop: 1.6500 Target: 1.6450

3:30pm EST- My target was hit. Price did not make a clean break so I exited my trade. I closed at 1.6455.

9:00am 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 1.6464 with a stop at the most recent high at 1.6515. Since I was only 14 pips away from the nearest 50 or 00 level (1.6450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 51. This put my initial target at 1.6413.

Entry: Short at 1.6464 Stop: 1.6515 Target: 1.6413

2:00pm EST- My target wasn’t by this time and market volume was low. I closed out my trade and exited at 1.6473.

entry2

Trade Result: +21 -9= +12 pips (NOT INCLUDING SPREAD) R-Multiple: 0.87; -0.17

News events to watch for tomorrow:

  • 4:30am EST- UK Claimant Count Change
  • 5:30am EST- UK BOE Inflation Report
  • 8:30am EST- US Trade Balance
  • 2:15pm EST- US FOMC Statement; Federal Funds Rate

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

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  • TREX

    Hello, i was wondering what to do when the market is trending side ways?
    Thank you so much for your time.

  • TREX

    Hello, i was wondering what to do when the market is trending side ways?
    Thank you so much for your time.

  • Cypippy

    Is this blog dead?

  • Cypippy

    Is this blog dead?