Cowabunga System Daily Update: Wednesday, 01/19/11

If this is your first time visiting this blog, read this first! 

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

7:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending down and MACD went from negative to positive. This was valid entry.

The entry was at the close of the candle at 1.6004 with a stop at the most recent swing low at 1.5944. Since I was 46 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.

Entry: Long at 1.6004 Stop: 1.5944 Target: 1.6050

8:15am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST I decided to manually exit my trade. I exited at 1.6016. (+12 pips)

entry2

Trade Result: +12 pips R-Multiple: 0.20

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forex Forums.

  • jsd1004

    12 pips less spread and slippage. Is it worth the hassle?

  • jsd1004

    12 pips less spread and slippage. Is it worth the hassle?