Cowabunga System Daily Update: Wednesday, 03/23/11

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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

3:00am 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 1.6381 with a stop at the most recent swing low at 1.6355. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6400.

Entry: Long at 1.6381 Stop: 1.6355 Target: 1.6400

3:30am EST– Unfortunately I got stopped out of my trade. (-26 pips)

11:00am EST– There was a moving average crossover for a long trade but RSI was below 50 and MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

entry2

Trade Result: -26 pips R-Multiple: -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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