Cowabunga System Daily Update: Tuesday, 12/11/2012

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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

3:15am 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 gainingThis was a valid signal. I entered at the close of the candle at 1.6084 with a stop at the most recent swing low at 1.6068. Since I was 16 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6100.

Entry: Long at 1.6084; Stop: 1.6068; Target: 1.6100

7:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6098. (+14 pips)

entry2

Trade Result: +14 pips R-Multiple: 0.87

News events to watch for Wednesday:

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  • Eugene

    Sir, what do you mean by “price didn’t make a clean break”? Thanks for shedding some lights. :)