Cowabunga System Daily Update: Thursday, 05/24/2012

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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

3:15am 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 1.5672 with a stop at the most recent swing high at 1.5699. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5650.

Entry: Short at 1.5672 Stop: 1.5699 Target: 1.5650

3:45am EST- My target was hit. Price made a clean break so I moved my stop to 1.5650 and set my next target fro 1.5600.

4:00am EST- Unfortunately I got stopped out at my original target at 1.5650 (+22 pips)

8:00am EST- There was a valid signal here but because it was right before the 8:30am EST news, I did not enter.

10:30am 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 1.5685 with a stop at the most recent swing high at 1.5725. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5650.

Entry: Short at 1.5685 Stop: 1.5725 Target: 1.5650

11:45am EST- My target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to close out my trade. I exited at 1.5692. (-7 pips)

entry2

Trade Result: +22 -7= +15 pips R-Multiple: 0.81; -0.17

News events to watch for Friday:

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