Cowabunga System Daily Update: Thursday, 01/06/10

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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

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

10:15am 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 1.5501 with a stop at the most recent swing high at 1.5552. Since I was only 1 pip away from the nearest 50 or 00 level (1.5500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 51 pips. This put my initial target at 1.5450.

Entry: Short at 1.5501 Stop: 1.5552 Target: 1.5450

11:45am EST– Unfortunately my target wasn’t hit by this time. Since it was 12 noon I decided to go ahead and exit my trade. I exited at 1.5480. (+21 pips)

entry2

Trade Result: +21 pips R-Multiple: 0.41

News events to watch for Friday:

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

    Just registered although been on the site from the beginning of my steep learning curve 6 months ago. Thanks for sharing what you know and will be following here.

  • drpshipper

    Just registered although been on the site from the beginning of my steep learning curve 6 months ago. Thanks for sharing what you know and will be following here.

  • pipoz

    Hi Pipsurfer,

    Just wondering if you are going to do anymore youtube presentations? Thanks for all your help

  • pipoz

    Hi Pipsurfer,

    Just wondering if you are going to do anymore youtube presentations? Thanks for all your help

  • borremor

    Might be a good idea to change the date from “10” (yr) to “11”.

  • borremor

    Might be a good idea to change the date from “10” (yr) to “11”.