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

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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

3:45am 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.
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  • 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

  • Abdullah

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