Cowabunga System Daily Update: Thursday, 01/07/2010

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 :

  • 4:00am EST- UK Halifax House Prices
  • 7:00am EST- Bank of England Interest Rate Decision
  • 8:30am EST- US Initial Jobless Claims

Today’s Surf

11:15am 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 1.5905 with a stop at the most recent high at 1.5945. Since I was only 5 pips away from the nearest 50 or 00 level (1.5900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 40. This put my initial target at 1.5865.

Entry: Short at 1.5905 Stop: 1.4945 Target: 1.4865

As of now this trade is still live. Remember to use your discretion at this point since it is past 12pm EST.

entry2

Trade Result: ?? pips (NOT INCLUDING SPREAD) R-Multiple: ??

News events to watch for tomorrow:

  • 4:30am EST- UK PPI Input m/m
  • 8:30am EST- US Non-Farm Employment Change

For a complete list of news events check out our Forex Economic Calendar.
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  • drebg

    You need to adjust the typo in the stop and target for the 1/7 trade post. (1.59 and 58 vs 1.49 and 48)

    BTW, even thought this one didn’t work out, this is still great stuff! Thanks!

  • drebg

    You need to adjust the typo in the stop and target for the 1/7 trade post. (1.59 and 58 vs 1.49 and 48)

    BTW, even thought this one didn’t work out, this is still great stuff! Thanks!