Cowabunga System Daily Update: Tuesday, 02/262013

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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

1:15am 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 negativeThis was a valid signal. I entered at the close of the candle at 1.5188 with a stop at the most recent swing high at 1.5217. Since I was 38 pips away from the nearest 50 or 00 level, I put my initial target at 1.5150.

Entry: Short at 1.5188; Stop: 1.5217; Target: 1.5150

3:15am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5153. (+35 pips)

6:30am 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 negativeThis was a valid signal. I entered at the close of the candle at 1.5150 with a stop at the most recent swing high at 1.5216. Since I was 50 pips away from the nearest 50 or 00 level, I put my initial target at 1.5100.

Entry: Short at 1.5100; Stop: 1.5216; Target: 1.5100

8:45am EST- My target wasn’t hit by this time. Since news was coming out at 9:00am EST, I decided to manually exit my trade. I got out at 1.5153. (-3 pips)

10:00am EST– There was a valid signal here but because it was a news candle I did not enter.

entry2

Trade Result: +35 -3= +32 pips R-Multiple: 1.20; -0.05

News events to watch for Wednesday:

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

    Hi,
    Have you published some statistics for this system that I can look at? I tried searching through your past posts, but could not find.