Cowabunga System Daily Update: Thursday, 11/10/2011

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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

1:30am 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 1.5920 with a stop at the most recent swing high at 1.5937. Since I was 20 pips away from the nearest 50 or 00 level I put my initial target at 1.5900.

Entry: Short at 1.5920 Stop: 1.5937 Target: 1.5900

1:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5902. (+18 pips)

5:45am 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 1.5919 with a stop at the most recent swing high at 1.5938. Since I was 19 pips away from the nearest 50 or 00 level I put my initial target at 1.5900.

Entry: Short at 1.5919 Stop: 1.5938 Target: 1.5900

6:45am EST- My target wasn’t hit by this time. Since news was coming out at 7am EST, I decided to manually exit my trade. I closed at 1.5903. (+16 pips)

9:45am 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 1.5924 with a stop at the most recent swing high at 1.5984. Since I was 24 pips away from the nearest 50 or 00 level I put my initial target at 1.5900.

Entry: Short at 1.5924 Stop: 1.5984 Target: 1.5900

10:00am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5900. (+24 pips)

entry2

Trade Result: +18 +16 +24= +58 pips R-Multiple: 1.05; 0.84; 0.40

News events to watch for Friday:

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

    Thanks dude, you’ve rekindled my belief in FX trading, just binned my application to be an elf in santas grotto, last shot !