Cowabunga System Daily Update: Thursday, 05/03/2012

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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 :

Today’s Surf

2:30am 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 1.6177 with a stop at the most recent swing high at 1.6194. Since I was 27 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.

Entry: Short at 1.6177 Stop: 1.6194 Target: 1.6150

4:15am EST- My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to close out my trade. I exited at 1.6163. (+14 pips)

7:15am 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 1.6176 with a stop at the most recent swing high at 1.6188. Since I was 26 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.

Entry: Short at 1.6176 Stop: 1.6188 Target: 1.6150

8:15am EST- My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to close out my trade. I exited at 1.6173. (+3 pips)

entry2

Trade Result: +14 +3= +17 pips R-Multiple: 0.82; 0.25

News events to watch for Friday:

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

    my friend cowabunga system need some tuning!!