Cowabunga System Daily Update: Thursday, 06/23/11

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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

1:30am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was valid entry.

The entry was at the close of the candle at 1.6031 with a stop at the most recent swing high at 1.6052. Since I was 31 pips away from the nearest 50 or 00 level I decided to put my target at 1.6000.

Entry: Short at 1.6031 Stop: 1.6052 Target: 1.6000

2:45am EST- Unfortunately I got stopped out. (-21 pips)

3:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was valid entry.

The entry was at the close of the candle at 1.6028 with a stop at the most recent swing high at 1.6065. Since I was 28 pips away from the nearest 50 or 00 level I decided to put my target at 1.6000.

Entry: Short at 1.6028 Stop: 1.6065 Target: 1.6000

4:15am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 4:30am EST I decided to manually exit my trade. I closed out at 1.6012. (+16 pips)

entry2

Trade Result: -21 +16= -5 pips R-Multiple: -1.00; 0.43

News events to watch for Friday:

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