Cowabunga System Daily Update: Tuesday, 12/04/2012

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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

1:45am 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 1.6098 with a stop at the most recent swing low at 1.6090. Since I was only 2 pips away from the nearest 50 or 00 level (1.6100), and the fact that I was only risking 8 pips on the trade, I decided to go ahead and go for the next 50 level at 1.6150 since it would give me a nice risk to reward ratio.

Entry: Long at 1.6098; Stop: 1.6090; Target: 1.6150

4:15am EST- My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually close out my trade. I exited at 1.6120. (+22 pips)

7:30am 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 1.6122 with a stop at the most recent swing low at 1.6105. Since I was 28 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.

Entry: Long at 1.6122; Stop: 1.6105; Target: 1.6150

9:30am EST- Unfortunately I was stopped out of my trade. (-17 pips)

entry2

Trade Result: +22 -17= +5 pips R-Multiple: 2.75; -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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