Cowabunga System Daily Update: Tuesday, 08/30/11

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Main Trend

Current Trend

The trend was UP until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST the trend remained down the rest of the day.

Today I only looked for long trades until 8am EST. After 8am EST I only looked for short trades.

News events to watch for today :

Today’s Surf

1:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.6410 with a stop at the most recent low at 1.6394. Since I was 40 pips away from the nearest 00 or 50 level I decided to put my initial target at 1.6450.

Entry: Long at 1.6410 Stop: 1.6394 Target: 1.6450

2:15am EST– Unfortunately I was stopped out of my trade. (-16 pips)

entry2

Trade Result: -16 pips R-Multiple: -1.00

News events to watch for Wednesday:

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