Cowabunga System Daily Update: Tuesday, 11/20/2012

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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

5:00am 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 signal. I entered at the close of the candle at 1.5915 with a stop at the most recent swing low at 1.5897. Since I was 35 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5950.

Entry: Long at 1.5915; Stop: 1.5897; Target: 1.5950

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 1.5933. (+18 pips)

entry2

Trade Result: +18 pips R-Multiple: 1.00

News events to watch for Wednesday:

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