Cowabunga System Daily Update: Thursday, 11/15/2012

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

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

1:00, 2:45am 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.

4:00am EST– There was a valid signal here but because it was right before the news, I did not enter.

7:00am 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 signal. I entered at the close of the candle at 1.5841 with a stop at the most recent swing high at 1.5857. Since I was 41 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5800.

Entry: Short at 1.5841; Stop: 1.5857; Target: 1.5800

8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I closed out at 1.5832. (+9 pips)

entry2

Trade Result: +9 pips R-Multiple: 0.56

News events to watch for Friday:

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

Want to discuss the Cowabunga System? Visit our Forex Forums.