Cowabunga System Daily Update: Wednesday, 03/16/11

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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

5:30am EST- There was a signal here but because it a news candle I did not enter.

9:15am 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 valid entry.

The entry was at the close of the candle at 1.6065 with a stop at the most recent swing high at 1.6116. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6050.

Entry: Short at 1.6065 Stop: 1.6116 Target: 1.6050

9:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6052. (+13 pips)

entry2

Trade Result: +13 pips R-Multiple: 0.25

News events to watch for Thursday:

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

    Thanks mate. How do you choose which currency to choose for a particular day? And what to do if two EMA crosses occurs, one immediate after the entry? Should one exit on another cross over?

  • TradeHunter

    hi pip surfer, been a while untill last recap. it’s nice to see you again :)
    that was nice signal i took ot :D very awsome

  • Jagstrack

    Thanks mate. How do you choose which currency to choose for a particular day? And what to do if two EMA crosses occurs, one immediate after the entry? Should one exit on another cross over?

  • TradeHunter

    hi pip surfer, been a while untill last recap. it’s nice to see you again :)
    that was nice signal i took ot :D very awsome