Cowabunga System Daily Update: Tuesday, 07/12/11

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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

5:45am 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 1.5822 with a stop at the most recent swing high at 1.5867. Since I was 22 pips away from the nearest 50 or 00 level I decided to put my target at 1.5800.

Entry: Short at 1.5822 Stop: 1.5867 Target: 1.5800

6:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5802. (+20 pips)

entry2

Trade Result: +20 pips R-Multiple: 0.44

News events to watch for Wednesday:

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