Cowabunga System Daily Update: Tuesday, 02/12/2013

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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

2:45am 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 1.5644 with a stop at the most recent swing high at 1.5667. Since I was 44 pips away from the nearest 50 or 00 level, I put my initial target at 1.5600.

Entry: Short at 1.5644; Stop: 1.5667; Target: 1.5600

3:45m EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5605. (+39 pips)

7:45am 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 1.5590 with a stop at the most recent swing high at 1.5618. Since I was 40 pips away from the nearest 50 or 00 level, I put my initial target at 1.5550.

Entry: Short at 1.5590; Stop: 1.5618; Target: 1.5550

10:00am EST- Unfortunately I was stopped outo fo my trade. (-28 pips)

entry2

Trade Result: +39 -28= +11 pips R-Multiple: 1.69; -1.00

News events to watch for Wednesday:

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