Cowabunga System Daily Update: Tuesday, 11/30/10

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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

3:45am 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 1.5510 with a stop at the most recent swing high at 1.5571. Since I was only 10 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 61 pips. This put my initial target at 1.5449.

Entry: Short at 1.5510 Stop: 1.5571 Target: 1.5449

8:45am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 9:00am EST I decided to close out my trade. I exited at 1.5500.

entry2

Trade Result: +10 pips R-Multiple: 0.16

News events to watch for Wednesday:

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