Cowabunga System Daily Update: Thursday, 08/11/11

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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

3:15, 5:00, 7:30am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

8:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was positive and GAINING value. This cancelled out the signal and I did not enter.

8:45am 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 1.6149 with a stop at the most recent high at 1.6178. Since I was 49 pips away from the nearest 00 or 50 level I decided to put my initial target at 1.6100.

Entry: Short at 1.6149 Stop: 1.6178 Target: 1.6100

9:15am EST- Unfortunately I got stopped out of my trade. (-29 pips)

entry2

Trade Result: -29 pips R-Multiple: -1.00

News events to watch for Friday:

For a complete list of news events check out our Forex Economic Calendar.
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  • adam2309

    I was just wondering if there was anyway to get the Xtick software for free that Pipsurfer uses? It would be very helpful indeed if i had this.