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

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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

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.
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