Cowabunga System Daily Update: Wednesday, 08/10/11

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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

7:30am 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 1.6242 with a stop at the most recent swing high at 1.6280. Since I was 42 pips away from the nearest 50 or 00 level I decided to put my target at 1.6200.

Entry: Short at 1.6242 Stop: 1.6280 Target: 1.6200

9:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.6200 and set my next target for 1.6150.

9:15am EST– Unfortunately I got stopped out at my original target of 1.6200. (+42 pips)

entry2

Trade Result: +42 pips R-Multiple: 1.05

News events to watch for Thursday:

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