Cowabunga System Daily Update: Wednesday, 11/28/2012

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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

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)

entry2

Trade Result: +10 +11= +21 pips R-Multiple: 1.00; 1.00

News events to watch for Thursday:

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