Cowabunga System Daily Update: Thursday, 06/14/2012

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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

1:30am 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 1.5516 with a stop at the most recent swing high at 1.5530. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5500.

Entry: Short at 1.5516 Stop: 1.5530 Target: 1.5500

2:15am EST- My target was hit. Price made a clean break so I moved my stop to 1.5500 and set my next target for 1.5450.

3:45am EST- Unfortunately I got stopped out at my original target at 1.5500. (+16 pips)

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

11:15am EST- There was a potentail signal here but at the close of the candle there would only be 30 minutes left until 12 noon EST. Since there wasn’t much time for the trade to mature I decided not to enter this one.

entry2

Trade Result: +16 pips R-Multiple: 1.14

News events to watch for Friday:

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

    Could someone please clarify, why exactly did we not want to take on another go signal with noon approaching?  I’m taking a stab at the fact that we are trading the cable and the London market would be closing but I have only recently been reading these blogs.

  • trade forex

    I’m taking a cut at the point that we are dealing the wire and the London, uk industry would be ending but I have only lately been studying these weblogs.

  • forex brokers online

    There was a going regular cross-over for a lengthy business. RSI was higher than 50, stochastics were popular up but MACD was already good from the past candlestick. This postponed out the indication and I did not get into.