Cowabunga System Daily Update: Thursday, 10/28/10

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

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

3:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.5775 with a stop at the most recent swing high at 1.5828. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.5750.

Entry: Short at 1.5775 Stop: 1.5828 Target: 1.5750

5:15am EST- Unfortunately I got stopped out of my trade. (-53 pips)

entry2

Trade Result: -53 pips R-Multiple: -1.00

News events to watch for Friday:

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.