Cowabunga System Daily Update: Tuesday, 01/24/12

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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

1:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

6:00am 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 1.5559 with a stop at the most recent swing low at 1.5531. Since I was 41 pips away from the nearest 50 or 00 level I put my initial target at 1.5600.

Entry: Long at 1.5559 Stop: 1.5531 Target: 1.5600

11:15am EST- My target was hit. Price closed right at 1.5600 and since it was already late in the day, I decided to go ahead and close out my trade. I exited right at 1.5600. (+41 pips)

entry2

Trade Result: +41 pips R-Multiple: 1.46

News events to watch for Wednesday:

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

    Good job! I really like your system… The extra indicators for confirmation is awesome! Keep up the good work!