Cowabunga System Daily Update: Monday, 09/21/09

If this is your first time visiting this blog, read this first! 

Main Trend

Current Trend

The trend stayed down the entire day.

Today I only looked for short trades.

News events to watch for today :

  • 10:00am EST– US Leading Indicators

Today’s Surf

8:00am 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 1.6169 with a stop at the most recent high at 1.6193. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6150.

Entry: Short at 1.6169 Stop: 1.6193 Target: 1.6150

3:30am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6153.

entry2

Trade Result: +16 pips (NOT INCLUDING SPREAD) R-Multiple: 0.66

News events to watch for tomorrow:

  • 10:00am EST– US House Price Index

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

Want to discuss the Cowabunga System? Visit our Forex Forums.