Cowabunga System Daily Update: Tuesday, 12/07/10

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Main Trend

Current Trend

The trend was up the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

2:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.5756 with a stop at the most recent swing low at 1.5735. Since I was 44 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5800.

Entry: Long at 1.5756 Stop: 1.5735 Target: 1.5800

4:15am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 4:30am EST I decided to close out my trade. I exited at 1.5787. (+31 pips)

8:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.5811 with a stop at the most recent swing low at 1.5767. Since I was 39 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5850.

Entry: Long at 1.5811 Stop: 1.5767 Target: 1.5850

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 1.5805. (-6 pips)

entry2

Trade Result: +31 -6= +25 pips R-Multiple: 1.47; -0.13

News events to watch for Wednesday:

  • None

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