Cowabunga System Daily Update: Thursday, 12/08/2011

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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

2:00am 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 1.5711 with a stop at the most recent swing low at 1.5695. Since I was 39 pips away from the nearest 50 or 00 level I put my initial target at 1.5750.

Entry: Long at 1.5711 Stop: 1.5695 Target: 1.5750

3:00am EST- Unfortunately I was stopped out of my trade. (-16 pips)

3:45am 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 1.5713 with a stop at the most recent swing low at 1.5691. Since I was 37 pips away from the nearest 50 or 00 level I put my initial target at 1.5750.

Entry: Long at 1.5713 Stop: 1.5691 Target: 1.5750

6:45am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 7:00am EST I manually exited my trade. I closed out at 1.5705. (-8 pips)

7:15am 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 1.5711 with a stop at the most recent swing low at 1.5694. Since I was 39 pips away from the nearest 50 or 00 level I put my initial target at 1.5750.

Entry: Long at 1.5711 Stop: 1.5694 Target: 1.5750

8:15am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST I manually exited my trade. I closed out at 1.5732. (+21 pips)

entry2

Trade Result: -16 -8 +21= -3 pips R-Multiple: -1.00; 0.36; 1.23

News events to watch for Friday:

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