Cowabunga System Daily Update: Thursday, 02/07/2013

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Main Trend

Current Trend

The trend was DOWN until 7am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from down to UP. After 7am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 7am EST. After 7am EST, I only looked for long trades.

News events to watch for today :

Today’s Surf

2:45am 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 1.5662 with a stop at the most recent swing high at 1.5673. Since I was 12 pips away from the nearest 50 or 00 level, I put my initial target at 1.5650.

Entry: Short at 1.5662; Stop: 1.5673; Target: 1.5650

3:00m EST- Unfortunately I was stopped out of my trade. (-11 pips).

4:15am EST- There was a valid signal here but because it was right before the 4:30am EST news event I did not enter.

entry2

Trade Result: -11 pips R-Multiple: -1.00

News events to watch for Friday:

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