Cowabunga System Daily Update: Tuesday, 09/13/11

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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

1:00am 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.

8:00am EST– There was a valid signal here but because it was right before news I did not enter.

8:30am EST– There was a valid signal here but because it was a news candle I did not enter.

10:45am 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 1.5790 with a stop at the most recent high at 1.5848. Since I was 40 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5750.

Entry: Short at 1.5790 Stop: 1.5848 Target: 1.5750

12:00pm EST– My target wasn’t hit by this time. Since it was 12 noon EST I decided to close out my trade. I exited at 1.5802. (-12 pips)

entry2

Trade Result: -12 pips R-Multiple: -0.20

News events to watch for Wednesday:

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