Cowabunga System Daily Update: Wednesday, 12/08/10

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Main Trend

Current Trend

The trend was up until 3am EST. From 11pm – 3am EST a new trend change candle formed and changed the trend from up to DOWN. The trend then stayed down until 11am EST.

There looked like there would be a trend change to the upside on the 3am EST candle but stochastics did not cross up yet. As a result, we had to wait to see what happened on the next candle. The trend did in fact continue to reverse to the upside, causing stochastics to cross up and giving us a full trend change at the close of the 7am EST candle, which was 11am EST. The trend then remained up the rest of the day.

Today I only looked for long trades until 3am EST. From 3am EST to 11am EST, I only looked for short trades. From 11am EST to 12pm EST, I only looked for long trades.

News events to watch for today :

  • None

Today’s Surf

10:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative from the previous candle. This cancelled the signal and I did not enter.

entry2

Trade Result: +0 pips R-Multiple: N/A

News events to watch for Thursday:

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