Cowabunga System Daily Update: Tuesday, 02/28/2012

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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

8:00am EST– There was a valid signal here but because it was right before the 8:30am EST news event I did not enter.

11:00am 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 1.5857 with a stop at the most recent swing low at 1.5798. Since I was 43 pips away from the nearest 50 or 00 level I put my initial target at 1.5900.

Entry: Long at 1.5857 Stop: 1.5798 Target: 1.5900

11:15am EST- My target was hit. Price closed right at my target of 1.5900. Since it was already late in the day I decided to go ahead and exit my trade. I closed out at 1.5900.

entry2

Trade Result: +43 pips R-Multiple: 0.72

News events to watch for Wednesday:

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