Cowabunga System Daily Update: Wednesday, 12/22/10

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Main Trend

Current Trend

The trend was down the entire day.

Today I only looked for short 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 went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.5469 with a stop at the most recent swing high at 1.5486. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5450.

Entry: Short at 1.5469 Stop: 1.5486 Target: 1.5450

1:00am EST– Unfortunately I was stopped out of my trade. (-17 pips)

2:45am 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 1.5464 with a stop at the most recent swing high at 1.5493. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5450.

Entry: Short at 1.5464 Stop: 1.5493 Target: 1.5450

4:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.5450 and set my next target for 1.5400.

4:15am EST– My 2nd 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 1.5439. (+25 pips)

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 1.5450 with a stop at the most recent swing high at 1.5479. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5400.

Entry: Short at 1.5450 Stop: 1.5479 Target: 1.5400

8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST I decided to close out my trade. I exited at 1.5445. (+5 pips)

entry2

Trade Result: -17 +25 +5= +13 pips R-Multiple: -1.00; 0.86; 0.17

News events to watch for Thursday:

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