Cowabunga System Daily Update: Monday, 09/27/2010

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Main Trend

Current Trend

The trend was up the entire day.

Today I only looked for long trades.

News events to watch for today :

  • None

Today’s Surf

12:15am 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 1.5823 with a stop at the most recent swing low at 1.5807. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5850.

Entry: Long at 1.5823 Stop: 1.5807 Target: 1.5850

2:45am EST- Unfortunately I was stopped out of my trade. (-16 pips)

3:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.5835 with a stop at the most recent swing low at 1.5805. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5850.

Entry: Long at 1.5835 Stop: 1.5805 Target: 1.5850

4:00am EST- Unfortunately I was stopped out of my trade. (-30 pips)

5:30am 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 1.5831 with a stop at the most recent swing low at 1.5786. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5850.

Entry: Long at 1.5831 Stop: 1.5786 Target: 1.5850

7:00am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.1.5848. ( +17 pips)

11:30am EST- There was a valid signal here but because it was right before 12 noon EST I did not enter.

entry2

Trade Result: -16 -30 +17= -29 pips (Not including spread) R-Multiple: -1.00; -1.00; 0.37

News events to watch for Tuesday:

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