Cowabunga System Daily Update: Tuesday, 11/23/10

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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

1:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.5907 with a stop at the most recent swing high at 1.5950. Since I was only 7 pips away from the nearest 50 or 00 level (1.5900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 43 pips. This put my initial target at 1.5864.

Entry: Short at 1.5907 Stop: 1.5950 Target: 1.5864

8:15am EST- Unfortunately 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 1.5920.

8:30am EST- There was a valid signal here but because it was a news candle I did not enter.

entry2

Trade Result: -13 pips R-Multiple: -0.30

News events to watch for Wednesday:

For a complete list of news events check out our Forex Economic Calendar.
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  • born2rich

    please boy.. Make SURE you do your analysis Very well and Bold very well about it before you ENTER Trade…
    you are still made some Mistake…. HAPPY TRADING.

  • born2rich

    please boy.. Make SURE you do your analysis Very well and Bold very well about it before you ENTER Trade…
    you are still made some Mistake…. HAPPY TRADING.

  • jsd1004

    Constructive crititism please. How about an answer to the clean break question and an exact time a trade is exited and the reasons why? A system should be accountable or else is just fishing for hits to gain sponsorship (advertising)

  • jsd1004

    Constructive crititism please. How about an answer to the clean break question and an exact time a trade is exited and the reasons why? A system should be accountable or else is just fishing for hits to gain sponsorship (advertising)