Cowabunga System Daily Update: Thursday, 09/13/2012

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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

3:15am 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 1.6115 with a stop at the most recent swing low at 1.6100. Since I was 35 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.

Entry: Long at 1.6115 Stop: 1.6100 Target: 1.6150

7:00am EST- Unfortunately I was stopped out of my trade. (-15 pips)

10:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.6115 with a stop at the most recent swing low at 1.6083. Since I was 35 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.

Entry: Long at 1.6115 Stop: 1.6083 Target: 1.6150

11:45am EST- My target wasn’t hit by this time. Since it was about to be 12 noon EST, I decided to go ahead and exit my trade. I closed out at 1.6127. (+12 pips)

entry2

Trade Result: -15 +12= -3 pips R-Multiple: -1.00; 0.37

News events to watch for Friday:

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