Cowabunga System Daily Update: Wednesday, 11/03/10

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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

1:00am 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 1.6037 with a stop at the most recent swing low at 1.6029. Since I was 13 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.6059.

Entry: Long at 1.6037 Stop: 1.6029 Target: 1.6050

2:00am EST- Unfortunately I was stopped out of my trade. (-8 pips)

3:45am 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 1.6039 with a stop at the most recent swing low at 1.6005. Since I was only 11 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 34 pips. This put my initial target at 1.6073.

Entry: Long at 1.6039 Stop: 1.6005 Target: 1.6073

4:45am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6071. (+34 pips)

entry2

Trade Result: -8 +32= +24 pips R-Multiple: -1.00; 0.94

News events to watch for Thursday:

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