Cowabunga System Daily Update: Thursday, 03/14/2013

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Main Trend

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

2:15am 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 gaining value. This was a valid signal. I entered at the close of the candle at 1.4940 with a stop at the most recent swing low at 1.4926. Since I was 10 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.4950.

Entry: Long at 1.4940; Stop: 1.4926; Target: 1.4950

3:00am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.4949. (+9 pips)

6:30am 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 gaining value. This was a valid signal. I entered at the close of the candle at 1.4939 with a stop at the most recent swing low at 1.4913. Since I was 11 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.4950.

Entry: Long at 1.4939; Stop: 1.4913; Target: 1.4950

6:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.4948. (+9 pips)

9:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid signal. I entered at the close of the candle at 1.4961 with a stop at the most recent swing low at 1.4921. Since I was 39 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5000.

Entry: Long at 1.4961; Stop: 1.4921; Target: 1.5000

9:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.4997. (+36 pips)

entry2

Trade Result: +9 +9 +36= +54 pips R-Multiple: 0.64; 0.34; 0.90

News events to watch for Friday:

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