Cowabunga System Daily Update: Wednesday, 04/11/2012

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Main Trend

Current Trend

The trend was DOWN until 4am EST. From 12am – 4am EST, a new trend change candle formed and changed the trend from down to UP. After 4am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 4am EST. After 4am EST, I only looked for long trades.

News events to watch for today :

  • None

Today’s Surf

5:45am 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 1.5910 with a stop at the most recent swing low at 1.5878. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5950.

Entry: Long at 1.5910 Stop: 1.5878 Target: 1.5950

11:45am EST– Unfortunately my target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to go ahead and close out my trade to cut my losses. I exited at 1.5904. (-6 pips)

entry2

Trade Result: -6 pips R-Multiple: -0.18

News events to watch for Thursday:

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