Cowabunga System Daily Update: Tuesday, 03/06/12

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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 :

  • None

Today’s Surf

8:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.5778 with a stop at the most recent swing high at 1.5797. Since I was 28 pips away from the nearest 50 or 00 level I put my initial target at 1.5750.

Entry: Short at 1.5778 Stop: 1.5797 Target: 1.5750

9:15am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5753. (+25 pips)

entry2

Trade Result: +25 pips R-Multiple: 1.31

News events to watch for Wednesday:

  • 8:15am EST– US ADP Employment Survey

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