Cowabunga System Daily Update: Wednesday, 10/31/2012

If this is your first time visiting this blog, read this first! 

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

3:45am 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 1.6089 with a stop at the most recent swing low at 1.6077. Since I was 11 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6100.

Entry: Long at 1.6089 Stop: 1.6077 Target: 1.6100

4:00am EST- My target was hit. Price made a clean break so I my moved my stop to 1.6100 and set my next target for 1.6150.

8:15am EST- Unfortunately my 2nd target wasn’t by this time. Since news was coming out at 8:30am EST, I decided to take as much as profit as I could and get out while I was ahead. I exited at 1.6120. (+31 pips)

entry2

Trade Result: +31 pips R-Multiple: 2.58

News events to watch for Thursday:

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

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2 comments

  1. real pips

    hi big pippin,

    Its been a while you updated this blog, does it mean you
    have not been trading or, you have been very busy you dint have enough time for updates?
    Thanks

    Reply
  2. Abdullah

    this is good … but rsi and stochastic can also go in one direction
    then it change the values after some time…

    Reply

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