Cowabunga System Daily Update: Thursday, 12/14/11

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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

2:45am 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 1.5482 with a stop at the most recent swing high at 1.5494. Since I was 32 pips away from the nearest 50 or 00 level I put my initial target at 1.5450.

Entry: Short at 1.5482 Stop: 1.5494 Target: 1.5450

3:15am EST- Unfortunately I was stopped out of my trade. (-12 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 1.5487 with a stop at the most recent swing high at 1.5530. Since I was 37 pips away from the nearest 50 or 00 level I put my initial target at 1.5450.

Entry: Short at 1.5487 Stop: 1.5530 Target: 1.5450

9:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5452. (+35 pips)

entry2

Trade Result: -12 +35= +23 pips R-Multiple: -1.00; 0.81

News events to watch for Thursday:

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

     Hello pip surfer =)

     You should check out the awesome indicator known as Ichimoku Kinko Hyo as that indicator is legendary for small charts (1-15m)
     It only takes 10 minutes on YouTube to learn and, if used in conjunction with the Cowabunga System on larger charts, your pip rate should skyrocket.

     You can use the default settings…
    I prefer: Tenken 13, Kijun 36, Senkou 108.
     
     Best wishes & good trading.