Cowabunga System Daily Update: Tuesday, 02/01/11

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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

4:15am EST- There was a signal here but because it was right before a news event I did not enter.

7:45am 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 valid entry.

The entry was at the close of the candle at 1.6110 with a stop at the most recent swing low at 1.6081. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6150.

Entry: Long at 1.6110 Stop: 1.6081 Target: 1.6150

8:45am EST- Unfortunately I was stopped out of my trade. (-29 pips)

10:15am 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 valid entry.

The entry was at the close of the candle at 1.6127 with a stop at the most recent swing low at 1.6079. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6150.

Entry: Long at 1.6127 Stop: 1.6079 Target: 1.6150

10:45am EST- My target was hit. Price made a clean break but I had to go so I went ahead and took my final profit. I exited at 1.6152. (+25 pips)

entry2

Trade Result: -29 +25= -4 pips R-Multiple: -1.00; 0.52

News events to watch for Wednesday:

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

  1. Mercia

    I didnt enter the first signal, wass a lucky move! but i missed out on the second because i was hitting the golf couse damn, still only start of the month though!

    Reply
  2. Mercia

    I didnt enter the first signal, wass a lucky move! but i missed out on the second because i was hitting the golf couse damn, still only start of the month though!

    Reply
  3. citadelkeith

    The 7.45am entry is gonna be risky, almost as risky as a coin flip….Just before the US opens for business and only one candlestick to rely on before the openning. Personally I always avoid entries that clash with either the US or Uk’s openning bell.

    Reply
  4. citadelkeith

    The 7.45am entry is gonna be risky, almost as risky as a coin flip….Just before the US opens for business and only one candlestick to rely on before the openning. Personally I always avoid entries that clash with either the US or Uk’s openning bell.

    Reply

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