Cowabunga System Daily Update: Wednesday, 11/03/10

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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

4:45am 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 1.6162 with a stop at the most recent swing low at 1.6130. Since I was 38 pips away from the nearest 50 or 00 level I decided to put my target at 1.6200.

Entry: Long at 1.6162 Stop: 1.6130 Target: 1.6200

5:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.6200 and set my next target at 1.6250.

6:00am EST– Unfortunately I got stopped out at my original target at 1.6200. (+38 pips)

entry2

Trade Result: +38 pips R-Multiple: 1.18

News events to watch for Thursday:

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