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

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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

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)

entry2

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.
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  • bedspreads

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