Cowabunga System Daily Update: Tuesday, 02/07/12

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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 1.5815 with a stop at the most recent swing low at 1.5791. Since I was 35 pips away from the nearest 50 or 00 level I put my initial target at 1.5850.

Entry: Long at 1.5815 Stop: 1.5791 Target: 1.5850

7:15am EST- Unfortunately I was stopped out of my trade. (-24 pips)

8:45am 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 1.5825 with a stop at the most recent swing low at 1.5786. Since I was 25 pips away from the nearest 50 or 00 level I put my initial target at 1.5850.

Entry: Long at 1.5825 Stop: 1.5786 Target: 1.5850

9:45am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to manually exit my trade. I closed out at 1.5830. (+5 pips)

entry2

Trade Result: -24 +5= -19 pips R-Multiple: -1.00; 0.12

News events to watch for Wednesday:

  • None

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

    I hit the trade a little after 0830, got out when I saw the trend ending.