Cowabunga System Daily Update: Wednesday, 07/06/11

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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

1:15am 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 1.6065 with a stop at the most recent swing high at 1.6090. Since I was 15 pips away from the nearest 50 or 00 level I decided to put my target at 1.6050.

Entry: Short at 1.6065 Stop: 1.6090 Target: 1.6050

1:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6052. (+13 pips)

10:00am EST- There was a valid signal here but because it was a news candle I did not enter.

entry2

Trade Result: +13 pips R-Multiple: 0.52

News events to watch for Thursday:

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

    The your system is very,very good!