Cowabunga System Daily Update: Wednesday, 01/18/12

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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

2:15am 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 1.5358 with a stop at the most recent swing low at 1.5332. Since I was 42 pips away from the nearest 50 or 00 level I put my initial target at 1.5400.

Entry: Long at 1.5358 Stop: 1.5332 Target: 1.5400

3:300am EST- Unfortunately I was stopped out of my trade. (-26 pips)

4:30am EST– There was a valid signal here but because it was on a news candle I did not enter.

7:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but MACD was still trending down. This cancelled out the signal and I did not enter.

9:30am EST– There was a valid signal here but because it was right before news, I did not enter.

entry2

Trade Result: -26 pips R-Multiple: -1.00

News events to watch for Thursday:

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