Cowabunga System Daily Update: Wednesday, 02/22/12

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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

3:15am 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 1.5772 with a stop at the most recent swing high at 1.5813. Since I was 22 pips away from the nearest 50 or 00 level I put my initial target at 1.5750.

Entry: Short at 1.5772 Stop: 1.5813 Target: 1.5750

4:15am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 4:30am EST I went ahead and exited my trade. I got out at 1.5758. (+14 pips)

entry2

Trade Result: +14 pips R-Multiple: 0.34

News events to watch for Thursday:

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

    Cool stuff, I hit 12 on the GBP/USD. I am also using the strategy on the EURGBP and did well on that today also.

    Beautiful strategy, thanks!