Cowabunga System Daily Update: Thursday, 08/25/11

If this is your first time visiting this blog, read this first! 

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 was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.6367 with a stop at the most recent high at 1.6379. Since I was 17 pips away from the nearest 00 or 50 level I decided to put my initial target at 1.6350.

Entry: Short at 1.6367 Stop: 1.6379 Target: 1.6350

2:30am EST- Unfortunately I was stopped out of my trade. (-12 pips)

4:45am 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 a valid entry. The entry was at the close of the candle at 1.6377 with a stop at the most recent high at 1.6396. Since I was 27 pips away from the nearest 00 or 50 level I decided to put my initial target at 1.6350.

Entry: Short at 1.6377 Stop: 1.6396 Target: 1.6350

5:15am EST- My target was hit. Price did not make a clean break so I exited my trade. I closed out at 1.6352. (+25 pips)

6:30am 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 signal here but because it was right before the 8:30am EST news I did not enter.

entry2

Trade Result: -12 +25= +13 pips R-Multiple: -1.00; 1.31

News events to watch for Friday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forex Forums.

Like what you've read?
Join over 40,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>