Cowabunga System Daily Update: Thursday, 02/14/2013

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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

4:30am 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 1.5511 with a stop at the most recent swing high at 1.5531. Since I was 11 pips away from the nearest 50 or 00 level, I put my initial target at 1.5500.

Entry: Short at 1.5511; Stop: 1.5531; Target: 1.5500

5:00am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5502. (+9 pips)

8:45am 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 1.5503 with a stop at the most recent swing high at 1.5522. Since I was only 3 pips away from the nearest 50 or 00 level (1.5500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 19. This put my initial target at 1.5484.

Entry: Short at 1.5503; Stop: 1.5522; Target: 1.5484

9:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5487. (+16 pips)

entry2

Trade Result: +9 +16= +25 pips R-Multiple: 0.45; 0.84

News events to watch for Friday:

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