Cowabunga System Daily Update: Tuesday, 10/16/2012

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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

7:30am 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 1.6105 with a stop at the most recent swing low at 1.6070. Since I was 45 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.

Entry: Long at 1.6105 Stop: 1.6070 Target: 1.6150

8:15am EST- My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to go ahead and exit my trade. I got out at 1.6127. (+22 pips)

entry2

Trade Result: +22 pips R-Multiple: 0.62

News events to watch for Wednesday:

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