Cowabunga System Daily Update: Tuesday, 05/24/11

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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

2:00am 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 1.6075 with a stop at the most recent swing high at 1.6124. Since I was 25 pips away from the nearest 50 or 00 level I decided to put my target at 1.6050.

Entry: Short at 1.6075 Stop: 1.6124 Target: 1.6050

3:00am EST- Unfortunately I was stopped out of my trade. (-49 pips)

entry2

Trade Result: -49 pips R-Multiple: -1.00

News events to watch for Wednesday:

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  • Yudi

    On H4 time frame you mention that current trend is down. Is it because of the candle below EMA?
    I have another opinion for this H4 TF. Since that candle is green and EMA 5 heading north, both stochastic and RSI pointing upward, so I may consider to looking at LONG position as long as there is a green candle closed above EMA 10 or EMA 5 crossover EMA 10 at H4 TF. Or I may take SHORT opportunity if that candle fail to cross EMA 10 and bouncing down.
    I think that why you stopped out is because you against main trend. How do you think?

    • pirana

      i also agree on your comment, same feeling.