Cowabunga System Daily Update: Thursday, 03/18/11

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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 :

  • None

Today’s Surf

3:00am 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 1.6177 with a stop at the most recent swing low at 1.6139. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6200.

Entry: Long at 1.6177 Stop: 1.6139 Target: 1.6200

3:30am EST- Unfortunately I got stopped out of my trade. (-38 pips)

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

The entry was at the close of the candle at 1.6135 with a stop at the most recent swing low at 1.6059. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6150.

Entry: Long at 1.6135 Stop: 1.6059 Target: 1.6150

7:15am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I closed out at 1.6148. (+13 pips)

entry2

Trade Result: -38 +13= -25 pips R-Multiple: -1.00; 0.17

News events to watch for Monday:

  • None (as of yet)

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

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  • pakisch

    it’s friday:)

  • pakisch

    it’s friday:)

  • TradeHunter

    no problem still love this system and getting more confident with it, i tracked the system for the week and the results even though today was positive

    i got both of the signals and the same result

  • TradeHunter

    no problem still love this system and getting more confident with it, i tracked the system for the week and the results even though today was positive

    i got both of the signals and the same result