Cowabunga System Daily Update: Wednesday, 03/06/2013

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Main Trend

Current Trend

The trend was UP until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from up to DOWN. After 11am EST, the trend remained DOWN the rest of the day..

Today I only looked for long trades until 11am EST. After 11am EST, I only looked for short trades.

News events to watch for today :

  • 10:00am EST- US Factory Orders

Today’s Surf

1:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaininv value. This was a valid signal. I entered at the close of the candle at 1.5144 with a stop at the most recent swing low at 1.5131. Since I was only 6 pips away from the nearest 50 or 00 level (1.5150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 13. This put my initial target at 1.5157.

Entry: Long at 1.5144; Stop: 1.5131; Target: 1.5157

1:30am EST- Unfortunately I was stopped out of my trade. (-13 pips)

7:30am EST- This was not a valid signal because MACD was already positive from the previous candle.

entry2

Trade Result: -13 pips R-Multiple: -1.00

News events to watch for Thursday:

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