Cowabunga System Daily Update: Wednesday, 12/01/10

If this is your first time visiting this blog, read this first! 

Main Trend

Current Trend

The trend was down until 7am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from down to UP. After 7am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 7am EST. After 7am EST, I only looked for long trades.

News events to watch for today :

Today’s Surf

1:30am EST– There was a valid signal here but because it was right before the 2am EST news I did not enter.

6:30am 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 1.5592 with a stop at the most recent swing high at 1.5647. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5550.

Entry: Short at 1.5592 Stop: 1.5647 Target: 1.5550

9:45am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST I decided to close out my trade. I exited at 1.5582.


Trade Result: +10 pips R-Multiple: 0.18

News events to watch for Wednesday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forex Forums.

Like what you've read?
Join over 45,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!