Cowabunga System Daily Update: Tuesday, 10/26/2010

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Main Trend

Current Trend

The trend was down until 8am EST. A trend change for an uptrend finally completed at 8am EST which changed the trend from down to UP. After 8am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.

News events to watch for today :

Today’s Surf

12:30am 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 1.5724 with a stop at the most recent swing high at 1.5737. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5700.

Entry: Short at 1.5724 Stop: 1.5737 Target: 1.5700

1:15am EST- Unfortunately I got stopped out of my trade. (-13 pips)

10:15am 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 1.5862 with a stop at the most recent swing low at 1.5827. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5900.

Entry: Short at 1.5862 Stop: 1.5827 Target: 1.5900

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 1.5868 (+6 pips)

entry2

Trade Result: -13 +6 = -7 pips R-Multiple: -1.00; 0.17

News events to watch for Wednesday:

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