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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 :
- 10:00am EST- US New Home Sales
Today's Surf
12:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid signal. I entered at the close of the candle at 1.6009 with a stop at the most recent swing high at 1.6019. Since I was only 9 pips away from the nearest 50 or 00 level (1.6000), I decided to go for the same amount of pips I was risking, which in this case was 10. This put my initial target at 1.5999.
Entry: Short at 1.6009; Stop: 1.6019; Target: 1.5999
12:30am EST- My target was hit. Price ended up closing right at my target so I went ahead and exited my trade. (+10 pips)
5:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid signal. I entered at the close of the candle at 1.6006 with a stop at the most recent swing high at 1.6017. Since I was only 6 pips away from the nearest 50 or 00 level (1.6000), I decided to go for the same amount of pips I was risking, which in this case was 11. This put my initial target at 1.5995.
Entry: Short at 1.6006; Stop: 1.6017; Target: 1.5995
6:15am EST- My target was hit. Price made a clean break so I moved my stop to 1.5995 and set my target for 1.5950.
6:30am EST- Unfortunately I got stopped out at my original target at 1.5995. (+11 pips)
Trade Result: +10 +11= +21 pips R-Multiple: 1.00; 1.00
News events to watch for Thursday:
- 4:30am EST- UK BOE Mortgage Approvals; Net Consumer Credit
- 5:30am EST- UK BOE Governor King Releases Financial Stability Report
- 6:00am EST- UK CBI Distributive Trades
- 8:30am EST- US Core PCE Price Index; GDP; Initial Claims
- 10:00am EST- US Pending Home Sales
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.
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- Cowabunga System Daily Update: Thursday, 11/29/2012 16:34 29 November 2012
- Cowabunga System Daily Update: Thursday, 01/24/2013 14:10 24 January 2013
- Cowabunga System Daily Update: Tuesday, 02/28/2012 12:36 28 February 2012
- Cowabunga System Daily Update: Thursday, 06/23/11 11:52 23 June 2011
- Cowabunga System Daily Update: Wednesday, 05/30/2012 13:02 30 May 2012
