Cowabunga System Daily Update: Wednesday, 11/14/2012

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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

2:00, 3:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

5:30am EST- There was a valid signal here but because it was a news candle, I did not enter.

10:30am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.5847 with a stop at the most recent swing high at 1.5879. Since I was 47 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5800.

Entry: Short at 1.5847 Stop: 1.5879 Target: 1.5800

11:45am EST- My target wasn’t hit by this time. Since it was about to be 12pm EST, I decided to manually exit my trade. I closed out at breakeven.

entry2

Trade Result: +0 pips R-Multiple: N/A

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
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  • Sebastian van Marwin

    waaw a new update for cowabunga (best mechanical system ever)!!! great thanks PipSurfer <3 btw yours trading hours are until London session is close or you wait until NY close?