Cowabunga System Daily Update: Tuesday, 11/02/10

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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 :

Today’s Surf

4:15am 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 1.6074 with a stop at the most recent swing low at 1.6039. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.6100.

Entry: Long at 1.6074 Stop: 1.6039 Target: 1.6100

5:15am EST- My target wasn’t hit by this time. Since news was coming out at 5:30am EST I went ahead and exited my trade at 1.6078. (+4 pips)

8:30am 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 1.6025 with a stop at the most recent swing low at 1.5960. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.6050.

Entry: Long at 1.6025 Stop: 1.5960 Target: 1.6050

12:00am EST- My target wasn’t hit by this time. Since it was 12 noon EST, I went ahead and closed out my trade. I exited at 1.6015. (-10 pips)

entry2

Trade Result: +4 -10= -6 pips R-Multiple: 0.11; -0.15

News events to watch for Wednesday:

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

    Last Time the System works not like in its best time!

  • PipItEasy

    Last Time the System works not like in its best time!