Cowabunga System Daily Update: Friday, 06/01/2012

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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

3:00am 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 1.5348 with a stop at the most recent swing high at 1.5394. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5300.

Entry: Short at 1.5348 Stop: 1.5394 Target: 1.5300

4:15am EST- My target was hit. Since news was coming out at 4:30am EST I exited my trade and tried to grab as many pips as I could. I exited at 1.5287. (+61 pips)

entry2

Trade Result: +61 pips R-Multiple: 1.32

News events to watch for Monday:

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

    Looks like you had a good week mate. Your system seems pretty reliable based on what I’ve read from your updates. What’s the win/lose ratio like?

  • ESMONT

    i just finished the school.i always though u only buy when the trend is going up and sell when its higher than i bought,with all this examples i now know what it means to go short,thanks