Cowabunga System Daily Update: Wednesday, 10/05/11

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

2:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.5431 with a stop at the most recent high at 1.5451. Since I was 31 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5400.

Entry: Short at 1.5431 Stop: 1.5451 Target: 1.5400

3:00am EST– Unfortunately I got stopped out of my trade. (-20 pips)

3:15am 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 1.5429 with a stop at the most recent high at 1.5455. Since I was 29 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5400.

Entry: Short at 1.5429 Stop: 1.5455 Target: 1.5400

3:45am EST– Unfortunately I was stopped out of my trade. (-26 pips)

7:45am EST– There was a valid signal here but because it was right before a news candle I did not enter.

entry2

Trade Result: -20 -26= -46 pips R-Multiple: -1.00; -1.00

News events to watch for Thursday:

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.