Cowabunga System Daily Update: Monday, 11/08/10

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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 :

  • None

Today’s Surf

4:00am 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 1.6124 with a stop at the most recent swing high at 1.6166. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.6100.

Entry: Short at 1.6124 Stop: 1.6166 Target: 1.6100

11:45am EST- My target was not hit at this time. Since it was 12pm EST, I went ahead and decided to close out my trade. I manually exited at 1.6148. (-24 pips)

entry2

Trade Result: -24 pips R-Multiple: -0.57

News events to watch for Tuesday:

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