Cowabunga System Daily Update: Wednesday, 11/17/10

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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

12:15am 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 1.5878 with a stop at the most recent swing high at 1.5898. Since I was 28 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5850.

Entry: Short at 1.5878 Stop: 1.5898 Target: 1.5850

3:30am EST- Unfortunately I was stopped out of my trade. (-20 pips)

6:00am 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 1.5889 with a stop at the most recent swing high at 1.5936. Since I was 39 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5850.

Entry: Short at 1.5889 Stop: 1.5936 Target: 1.5850

8:15am EST- My target wasn’t hit by this time. Since news was coming out at 8:30am EST I decided to close out my trade. I exited at 1.5888.

entry2

Trade Result: -20 +1 = -19 pips R-Multiple: -1.00; 0.02

News events to watch for Thursday:

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