Cowabunga System Daily Update: Tuesday, 08/23/11

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Main Trend

Current Trend

The trend was DOWN until 4am EST. From midnight to 4am EST a new trend change candle formed and changed the trend from down to UP. After 4am EST the trend remained up the rest of the day.

Today I only looked for short trades until 4am EST. After 4am EST, I only looked for long trades.

News events to watch for today :

Today’s Surf

2:00am 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.

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

entry2

Trade Result: +0 pips R-Multiple: N/A

News events to watch for Wednesday:

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