Cowabunga System Daily Update: Tuesday, 12/14/10

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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

12:15am 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 1.5864 with a stop at the most recent swing low at 1.5856. Since I was 34 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5900.

Entry: Long at 1.5864 Stop: 1.5856 Target: 1.5900

2:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5895. (+31 pips)

4:30am EST- There was a valid signal here but because it was a news candle I did not enter.

6:15am 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 1.5874 with a stop at the most recent swing low at 1.5849. Since I was 26 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5900.

Entry: Long at 1.5874 Stop: 1.5849 Target: 1.5900

8:00am EST- Unfortunately I was stopped out of my trade. (-25 pips)

entry2

Trade Result: +31 -25= +6 pips R-Multiple: 3.87; -1.00

News events to watch for Wednesday:

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

    Hi On the first graph for today it shows the green box where you say the trend remains up the whole day and only take long trades. However in that box it show the 5EMA crossing below the red longer EMA so is this not the trend changing to down?