Cowabunga System Daily Update: Wednesday, 06/20/2012

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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

5:00am 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 1.5726 with a stop at the most recent swing low at 1.5653. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5750.

Entry: Short at 1.5726 Stop: 1.5653 Target: 1.5750

7:45am EST- My target was hit. Price made a clean break so I moved my stop to 1.5750 and set my next target for 1.5800.

8:45am EST- Unfortunately I got stopped out at my original target at 1.5750. (+24 pips)

entry2

Trade Result: +24 pips R-Multiple: 0.33

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
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  • Anton_1

    Very interesting system, i have been fallowing for few weeks now, i do however have a question in order to better understand. Do you trade every day or with what frequency do you trade ? 
    thanks 

  • trade forex

    i have been fallowing for few several weeks now, i do however have a query to be able to better comprehend. Do you business every day or with what regularity do you business

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    The main concept of methodical dealing is to take each and every dealing indication that your program produces. Only and also taking all the alerts at the time they are produced can you depend on copying the past performance of your program.