Cowabunga System Daily Update: Wednesday, 06/06/2012

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Main Trend

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

2:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.5444 with a stop at the most recent swing low at 1.5411. Since I was only 6 pips away from the nearest 50 or 00 level (1.5450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 33. This put my initial target at 1.5477.

Entry: Long at 1.5444 Stop: 1.5411 Target: 1.5477

3:45am EST- My target was hit. Price closed right at 1.5477 and since news was coming out shortly, I just decided to take my profit. I exited at 1.5477 (+33 pips)

entry2

Trade Result: +33 pips R-Multiple: 1.00

News events to watch for Thursday:

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

  1. Lornascott13

    Great work again!!!

    Hey, do you ever trade on Mondays?

    I’ve noticed all your trades seem to be on Tues, Wed. and Thurs. for the most part.

    Reply

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