Cowabunga System Daily Update: Wednesday, 09/28/11

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Main Trend

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

6:15am 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 1.5661 with a stop at the most recent low at 1.5605. Since I was 39 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5700.

Entry: Long at 1.5661 Stop: 1.5605 Target: 1.5700

8:15am EST- My target wasn’t hit by this time. Since news was coming out at 8:30am EST I decided to manually exit my trade. I closed out at 1.5652. ( -9 pips )

9:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.5655 with a stop at the most recent low at 1.5621. Since I was 45 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5700.

Entry: Long at 1.5655 Stop: 1.5621 Target: 1.5700

11:45am EST- My target wasn’t hit by this time. Since it was approaching 12pm EST I decided to manually close out my trade. I exited at 1.5660. ( +5 pips )

 

entry2

Trade Result: -9 +5= -4 pips R-Multiple: -0.16; 0.20

News events to watch for Thursday:

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