Cowabunga System Daily Update: Thursday, 07/12/2012

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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

12:45am 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 1.5503 with a stop at the most recent swing high at 1.5516. Since I was only 3 pips away from the nearest 50 or 00 level (1.5500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 13. This put my initial target at 1.5490.

Entry: Short at 1.5503 Stop: 1.5516 Target: 1.5490

2:00am EST- My target was hit. Price didn’t make a clean break so I exited my trade. I got out at 1.5490. (+13 pips)

entry2

Trade Result: +13 pips R-Multiple: 1.00

News events to watch for Friday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

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1 comment

  1. alwjmonster

    hi cowabunga, we just started 3rd quater of 2012, do you have your own resolution? most importantly about this cowabunga system.. i wanna see how’s the result so far.. how many wining rate can this system get.. If you had the result, please post em up.. hahaha sharing is caring right? good luck trading!!

    Reply

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