Cowabunga System Daily Update: Tuesday, 11/16/10

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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 :

Today’s Surf

1:00am 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 1.6052 with a stop at the most recent swing high at 1.6080. Since I was only 2 pips away from the nearest 50 or 00 level (1.6050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 28. This put my initial target at 1.6024.

Entry: Short at 1.6052 Stop: 1.6080 Target: 1.6024

2:15am EST- My target was hit. Price made a clean break so I moved my stop to 1.6024 and set my next target for 1.6000.

2:30am EST– Unfortunately I was stopped out at my initial target at 1.6024. (+28 pips)

5:15am 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 1.6030 with a stop at the most recent swing high at 1.6085. Since I was 30 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6000.

Entry: Short at 1.6030 Stop: 1.6085 Target: 1.6000

6:00am EST- My target was hit. Price made a clean break so I moved my stop to 1.6000 and set my next target for 1.5950.

6:30am EST– Unfortunately I was stopped out at my initial target at 1.6000. (+30 pips)

9:45am EST– There was a valid signal here but because it was right before the 10:00am EST news, I did not enter.

entry2

Trade Result: +28 +30 = +58 pips R-Multiple: 1.00; 0.54

News events to watch for Wednesday:

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