Cowabunga System Daily Update: Tuesday, 05/03/11

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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

2:30am 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 1.6618 with a stop at the most recent swing high at 1.6646. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6600.

Entry: Short at 1.6618 Stop: 1.6646 Target: 1.6600

3:00am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at the close of the candle at 1.6601. (+17 pips)

9:30am EST– There was a valid signal here but because it was right before news I did not enter.

entry2

Trade Result: +17 pips R-Multiple: 0.60

News events to watch for Wednesday:

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