Cowabunga System Daily Update: Wednesday, 03/07/2012

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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 :

  • 8:15am EST– US ADP Employment Survey

Today’s Surf

2:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

6:00am 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 1.5731 with a stop at the most recent swing high at 1.5758. Since I was 31 pips away from the nearest 50 or 00 level I put my initial target at 1.5700.

Entry: Short at 1.5731 Stop: 1.5758 Target: 1.5700

8:00am EST- My target wasn’t hit by this time. Since news was coming out at 8:15am EST, I went ahead and closed out my trade. I exited at 1.5714. (+17 pips)

entry2

Trade Result: +17 pips R-Multiple: 0.63

News events to watch for Thursday:

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