Cowabunga System Daily Update: Thursday, 09/22/11

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

3:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was negative and losing value. This was a valid entry. The entry was at the close of the candle at 1.5456 with a stop at the most recent high at 1.5500. Since I was only 6 pips away from the nearest 50 or 00 level (1.5450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 44. This put my initial target at 1.5412.

Entry: Short at 1.5456 Stop: 1.5500 Target: 1.5412

5:00am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5415. (+41 pips)


Trade Result: +41 pips R-Multiple: 0.93

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 45,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!
  • bedspreads