Cowabunga System Daily Update: Tuesday, 02/14/12

If this is your first time visiting this blog, read this first! 

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

7:15am 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 1.5737 with a stop at the most recent swing high at 1.5769. Since I was 37 pips away from the nearest 50 or 00 level I put my initial target at 1.5700.

Entry: Short at 1.5737 Stop: 1.5769 Target: 1.5700

8:15am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST I decided to exit my trade. I closed out at 1.5714. (+23 pips)

entry2

Trade Result: +23 pips R-Multiple: 0.71

News events to watch for Wednesday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forex Forums.

  • Yellowman

    NICE TRADE YOU HAVE HERE. KEEP IT UP

  • Ben Laws

    Ditto, more or less. I too entered at a similar time, sold @ 1.57487 and out at 1.57300. 

    Good day, good system :)