Cowabunga System Daily Update: Tuesday, 12/06/11

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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

2:00am 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 1.5612 with a stop at the most recent swing high at 1.5641. Since I was 12 pips away from the nearest 50 or 00 level I put my initial target at 1.5600.

Entry: Short at 1.5612 Stop: 1.5641 Target: 1.5600

2:30am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5602. (+10 pips)

6:45am EST– There was a signal here but because it was near the 7:30am EST news I did not enter.

entry2

Trade Result: +10 pips R-Multiple: 0.34

News events to watch for Wednesday:

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