Cowabunga System Daily Update: Thursday, 06/16/2011

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

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

12:30am 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 1.6172 with a stop at the most recent swing high at 1.6224. Since I was 22 pips away from the nearest 50 or 00 level I decided to put my target at 1.6150.

Entry: Short at 1.6172 Stop: 1.6224 Target: 1.6150

1:30am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6151. (+21 pips)

entry2

Trade Result: +21 pips R-Multiple: 0.40

News events to watch for Friday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forex Forums.

2 comments

  1. Joeembaguati

    I think my 4H candle closes at a different time than yours (mine are 1:00, 5:00, 9:00 est).  Does this make a difference in determining trend since some brokers close the 4H at different times?  

    Also, on 4H you want to wait for the candle to close to confirm a trend change, correct?Thanks, and keep it up, very nice work

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>