Cowabunga System Daily Update: Thursday, 05/19/11

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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

1:00am 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 1.6168 with a stop at the most recent swing high at 1.6185. Since I was 18 pips away from the nearest 50 or 00 level I decided to put my target at 1.6150

Entry: Short at 1.6168 Stop: 1.6185 Target: 1.6150

1:45am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6152. (+16 pips)

8:30am EST- There was a valid signal here but because it was a news candle I did not enter.

entry2

Trade Result: +16 pips R-Multiple: 0.94

News events to watch for Friday:

  • None

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

    Fantastic. Too much. Thanks