Cowabunga System Daily Update: Wednesday, 12/15/10

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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

12:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.5753 with a stop at the most recent swing high at 1.5768. Since I was only 3 pips away from the nearest 50 or 00 level (1.5750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 15 pips. This put my initial target at 1.5738.

Entry: Short at 1.5753 Stop: 1.5768 Target: 1.5738

1:00am EST– My target was hit. Price made a clean break so I moved my stop to stop to 1.5738 and set my next target at 1.5700.

2:30am EST– Unfortunately I got stopped out at my initial target at 1.5738. (+15 pips)

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

entry2

Trade Result: +15 pips R-Multiple: 1.00

News events to watch for Thursday:

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