Cowabunga System Daily Update: Wednesday, 02/06/2013

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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 :

  • None

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 went from positive to negative. This was a valid signal. I entered at the close of the candle at 1.5651 with a stop at the most recent swing high at 1.5678. Since I was only 1 pip away from the nearest 50 or 00 level (1.5650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 27. This put my initial target at 1.5624.

Entry: Short at 1.5651; Stop: 1.5678; Target: 1.5624

11:30am EST- My target wasn’t hit by this time. Since it was close to 12 noon EST and the market was pretty much sideways, I decided to go ahead and exit my trade at breakeven.

entry2

Trade Result: +0 pips R-Multiple: N/A

News events to watch for Thursday:

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