Cowabunga System Daily Update: Wednesday, 05/16/2012

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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

5:30am EST- There was a valid signal here but because it was a news candle I did not enter.

8:15am EST- There was a valid signal here but because it was right before the 8:30am EST news candle I did not enter.

10:15am 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 1.5931 with a stop at the most recent swing high at 1.5953. Since I was 31 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5900.

Entry: Short at 1.5931 Stop: 1.5953 Target: 1.5900

11:00am EST- My target was hit. Price didn’t make a clean break so I went ahead and closed out my trade. I exited at 1.5905. (+26 pips)

entry2

Trade Result: +26 pips R-Multiple: 1.18

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

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  • Samuel Patterson

    Simple and clean, couldn’t get anymore better. 

  • alwjmonster

    hi is this cowabunge system can be use for scalping?

  • Palinco2003

    what is cowbunga?

  • Sun-Moon

    Hello,
    How to catch the trend changed candle ? Pls explain.