Cowabunga System Daily Update: Wednesday, 10/03/2012

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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

1:45am 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 1.6125 with a stop at the most recent swing high at 1.6130. Since I was 25 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6100.

Entry: Short at 1.6125 Stop: 1.6130 Target: 1.6100

2:30am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6103. (+22 pips)

6:45am 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 1.6110 with a stop at the most recent swing high at 1.6125. Since I was only 10 pips away from the nearest 50 or 00 level (1.6100), I decided to go for the same amount of pips I was risking on the trade, which in this case was 15. This put my initial target at 1.6095.

Entry: Short at 1.6110 Stop: 1.6125 Target: 1.6095

8:00am EST- My target wasn’t hit by this time. Since news was coming out at 8:15am EST, I went ahead and exited my trade. I got out at 1.6102 (+8 pips)

entry2

Trade Result: +22 +8= 30 pips R-Multiple: 4.4; 0.53

News events to watch for Thursday:

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