Cowabunga System Daily Update: Thursday, 10/27/2011

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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

6:30am 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 1.6000 with a stop at the most recent swing low at 1.5976. Since I was 50 pips away from the nearest 50 or 00 level I put my initial target at 1.6050.

Entry: Long at 1.6000 Stop: 1.59658764 Target: 1.6050

8:30am EST- My target wasn’t hit by this time. Since news was coming out at 8:30am EST I went ahead and closed out my trade. I exited at 1.6030. (+30 pips)

entry2

Trade Result: +30 pips R-Multiple: 1.25

News events to watch for Friday:

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

    can i ask why u trade from the 15 mins chart and bot the 5 mins