Cowabunga System Daily Update: Monday, 10/18/2010

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Main Trend

Current Trend

The trend was down the entire day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

1:45am 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 1.5922 with a stop at the most recent swing high at 1.5950. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5900.

Entry: Short at 1.5922 Stop: 1.5950 Target: 1.5900

2:00am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5903. (+19 pips)

7:45am 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 1.5873 with a stop at the most recent swing high at 1.5903. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5850.

Entry: Short at 1.5873 Stop: 1.5903 Target: 1.5850

8:15am EST- Unfortunately I was stopped out of my trade. (-30 pips)

10:30am 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 1.5872 with a stop at the most recent swing high at 1.5915. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5850.

Entry: Short at 1.5872 Stop: 1.5915 Target: 1.5850

11:45am EST- My target wasn’t hit by this time. Since it was already 12pm EST, I decided to go ahead and exit my trade. I closed out at 1.5890 (-18 pips)

entry2

Trade Result: +19 -30 -18= -29 pips R-Multiple: 0.67; -1.00; -0.41

News events to watch for Tuesday:

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

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4 comments

  1. quaid

    Hi there. I follow your blog religiously. Was wondering what your overall account status for the year is so far? Winning trades? Losing trades? Overall profit etc.

    Thanks.

    Reply
  2. quaid

    Hi there. I follow your blog religiously. Was wondering what your overall account status for the year is so far? Winning trades? Losing trades? Overall profit etc.

    Thanks.

    Reply

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