Cowabunga System Daily Update: Tuesday, 10/25/11

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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

3:30am EST- There was a valid signal here but because it was right before a news event I did not enter.

5:30am 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 1.5990 with a stop at the most recent swing low at 1.5964. Since I was only 10 pips away from the nearest 50 or 00 level (1.6000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 26 pips. This put my initial target at 1.6016.

Entry: Long at 1.5990 Stop: 1.5964 Target: 1.6016

6:30am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6014. (+24 pips)

9:00am EST- There was a valid signal here but because it was a news candle I did not enter.

entry2

Trade Result: +24 pips R-Multiple: 0.92

News events to watch for Wednesday:

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

    why dont you use an AROON or DMI to show that a trend is forming