Cowabunga System Daily Update: Thursday, 05/26/11

If this is your first time visiting this blog, read this first! 

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

1:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was valid entry.

The entry was at the close of the candle at 1.6315 with a stop at the most recent swing low at 1.6296. Since I was 35 pips away from the nearest 50 or 00 level I decided to put my target at 1.6350.

Entry: Long at 1.6315 Stop: 1.6296 Target: 1.6350

2:30am EST- Unfortunately I got stopped out of my trade. (-19 pips)

6:00am 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 1.6304 with a stop at the most recent swing low at 1.6273. Since I was 46 pips away from the nearest 50 or 00 level I decided to put my target at 1.6350.

Entry: Long at 1.6304 Stop: 1.6273 Target: 1.6350

8:15am EST- My target wasn’t hit by this time. Since news was coming out at 8:30am EST I decided to go ahead and exit my trade. I closed out at 1.6318. (+14 pips)

entry2

Trade Result: -19 +14= -5 pips R-Multiple: -1.00; 0.45

News events to watch for Friday:

For a complete list of news events check out our Forex Economic Calendar.
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  • Steve44MCaUSAFX

    Been Meaning to mention and ask:

    I tried XTick Software you seem to use.
    Spend 120 buck that month on it.   Made 60 bucks with it’s help.
    Doesn’t seem to really help render a profit overall.
    Since using my Free ESignal charting showed me the same thing, just without the bells and notifications.

    Wondering how you justify, spending the 120 a month on it. 

  • Blessingejiro50

    I think forex is a gambling,which pose a great risk of loosing the capital working capital.pls i need more informations on the management risk.