Cowabunga System Daily Update: Thursday, 03/08/2012

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Main Trend

Current Trend

The trend was DOWN until 7am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from down to UP. After 7am EST, the trend remained UP the rest of the day.

Today I only looked for short trades until 7am EST. After 7am EST, I only looked for long trades.

News events to watch for today :

Today’s Surf

6:15am EST– There was a valid signal here but because it was near the 7:00am EST news event I did not enter.

10:45am 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 1.5813 with a stop at the most recent swing low at 1.5771. Since I was 37 pips away from the nearest 50 or 00 level I put my initial target at 1.5850.

Entry: Long at 1.5813 Stop: 1.5771 Target: 1.5850

11:45am EST- My target wasn’t hit by this time. Since it was 12pm EST, I went ahead and decided to close out my trade. I exited at 1.5829. (+16 pips)

entry2

Trade Result: +16 pips R-Multiple: 0.38

News events to watch for Friday:

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