Cowabunga System Daily Update: Wednesday, 02/09/11

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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

3:00am 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 valid entry.

The entry was at the close of the candle at 1.6064 with a stop at the most recent swing high at 1.6083. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6050.

Entry: Short at 1.6064 Stop: 1.6083 Target: 1.6050

3:15am EST- Unfortunately I was stopped out of my trade. (-19 pips)

5:45am 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 valid entry.

The entry was at the close of the candle at 1.6056 with a stop at the most recent swing high at 1.6100. Since I was only 6 pips away from the nearest 50 or 00 level (1.6050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 44 pips. This put my initial target at 1.6012.

Entry: Short at 1.6056 Stop: 1.6100 Target: 1.6012

10:00am EST- Unfortunately I was stopped out of my trade. (-44 pips)

entry2

Trade Result: -19 -44 = -63 pips R-Multiple: -1.00; -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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  • citadelkeith

    Hi Again dudes: Just seen the 2 trades for Cawabunga for today. My take on them (for what it’s worth.ExcellentBuffalo Springfield tune by the way)I notice that again, 3am: is right on the London open bell plus the d stoch isn’t compliant. 5.45am has the same non compliant D stoch. All that said…..But for Baby pips i’d still be thinking Forex (XXXX) was an australian beer)…

  • citadelkeith

    Hi Again dudes: Just seen the 2 trades for Cawabunga for today. My take on them (for what it’s worth.ExcellentBuffalo Springfield tune by the way)I notice that again, 3am: is right on the London open bell plus the d stoch isn’t compliant. 5.45am has the same non compliant D stoch. All that said…..But for Baby pips i’d still be thinking Forex (XXXX) was an australian beer)…