Cowabunga System Daily Update: Thursday, 12/13/2012

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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

7:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid signal. I entered at the close of the candle at 1.6135 with a stop at the most recent swing low at 1.6108. Since I was 15 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.

Entry: Long at 1.6135; Stop: 1.6108; Target: 1.6150

8:155am EST- My target was hit. Price didn’t make a clean break so I took my final profit right at my target. (+15 pips)

10:30am 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 1.6142 with a stop at the most recent swing low at 1.6120. Since I was only 8 pips away from the nearest 50 or 00 level (1.6150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 22. This put my initial target at 1.6164.

Entry: Long at 1.6142; Stop: 1.6120; Target: 1.6164

11:45am EST- My target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to cut my losses and manually exit my trade. I exited at 1.6130. (-12 pips)

entry2

Trade Result: +15 -12= +3 pips R-Multiple: 0.55; -0.54

News events to watch for Friday:

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