Cowabunga System Daily Update: Wednesday, 05/09/2012

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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

4:45am 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 1.6127 with a stop at the most recent swing high at 1.6156. Since I was 27 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6100.

Entry: Short at 1.6127 Stop: 1.6156 Target: 1.6100

5:30am EST- My target was hit. Price didn’t make a clean break so I went ahead and closed out my trade. I exited at 1.6103. (+24 pips)

entry2

Trade Result: +24 pips R-Multiple: 0.82

News events to watch for Thursday:

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