Cowabunga System Daily Update: Tuesday, 11/29/11

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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 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 1.5534 with a stop at the most recent swing low at 1.5495. Since I was 16 pips away from the nearest 50 or 00 level I put my initial target at 1.5550.

Entry: Long at 1.5534 Stop: 1.5495 Target: 1.5550

4:00am EST- My target was hit. Price made a clean break so I moved my stop to 1.5550 and set my next target at 1.5600.

4:15am EST– Unfortunately I was stopped out at my original target at 1.5550. (+16 pips)

10:00am EST– There was a valid signal here but because it was on a news candle I did not enter.

entry2

Trade Result: +16 pips R-Multiple: 0.41

News events to watch for Wednesday:

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