Cowabunga System Daily Update: Tuesday, 01/22/2013

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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

2:30am 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 1.5848 with a stop at the most recent swing high at 1.5863. Since I was 48 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5800.

Entry: Short at 1.5848; Stop: 1.5863; Target: 1.5800

4:15am EST- My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at1.5824. (+24 pips)

9:30am EST- I didn’t even consider this a possible entry because it was close to the 10:00am EST news event.

11:15am EST- I also didn’t consider this trade because it was close to 12 noon EST.

entry2

Trade Result: +24 pips R-Multiple: 1.60

News events to watch for Wednesday:

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