Cowabunga System Daily Update: Wednesday, 01/16/2013

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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

7:15am 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 1.6020 with a stop at the most recent swing high at 1.6053. Since I was 20 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6000.

Entry: Short at 1.6020; Stop: 1.6053; Target: 1.6000

6:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6002. (+18 pips)

entry2

Trade Result: +18 pips R-Multiple: 0.54

News events to watch for Thursday:

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