Cowabunga System Daily Update: Thursday, 02/21/2013

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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

3:15am 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 1.5173 with a stop at the most recent swing high at 1.5198. Since I was 23 pips away from the nearest 50 or 00 level, I put my initial target at 1.5150.

Entry: Short at 1.5173; Stop: 1.5198; Target: 1.5150

3:30am EST- Unfortunately I was stopped out of my trade. (-25 pips)

9:45am EST- I didn’t even consider this as a possible trade since it was right before the 10:00am EST news candle.

entry2

Trade Result: -25 pips R-Multiple: -1.00

News events to watch for Friday:

  • None

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