Cowabunga System Daily Update: Wednesday, 09/07/11

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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

5:30am 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.

9:15am 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 1.5982 with a stop at the most recent high at 1.6012. Since I was 32 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5950.

Entry: Short at 1.5982 Stop: 1.6012 Target: 1.5950

10:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.5950 and set my next target for 1.5900.

11:00am EST– Unfortunately I got stopped out at my original target at 1.5950. (+32 pips)

entry2

Trade Result: +32 pips R-Multiple: 1.06

News events to watch for Thursday:

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