Cowabunga System Daily Update: Thursday, 01/10/2013

If this is your first time visiting this blog, read this first! 

Main Trend

Current Trend

The trend was DOWN the entire day until 11am EST. From 7am EST – 11am EST, a new trend change candle formed and changed the trend from down to UP. After 11am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 11am EST. After 11am EST, I only looked for long trades.

News events to watch for today :

Today’s Surf

3:30am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid signal. I entered at the close of the candle at 1.6011 with a stop at the most recent swing high at 1.6030. Since I was 11 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6000.

Entry: Short at 1.6011; Stop: 1.6030; Target: 1.6000

4:30am EST- Unfortunately I was stopped out of my trade. (-19 pips)

entry2

Trade Result: -19 pips R-Multiple: -1.00

News events to watch for Friday:

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.

  • david

    yeah boss, i was also in the trade with 20pips stop. its fun following cowabunga, at a single trade had made 62pips. thanks so much.