Cowabunga System Daily Update: Tuesday, 03/19/2013

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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

4:00am 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 gaining value. This was a valid signal. I entered at the close of the candle at 1.5098 with a stop at the most recent swing low at 1.5083. Since I was only 2 pips away from the nearest 50 or 00 level (1.5100), I decided to go for the same amount of pips I was risking on the trade, which in this case was 15. This put my initial target at 1.5113.

Entry: Long at 1.1.5098; Stop: 1.5083; Target: 1.5113

4:30am EST- Unfortunately I was stopped out of my trade. (-15 pips)

5:45am 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 1.5123 with a stop at the most recent swing low at 1.5071. Since I was 27 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5150.

Entry: Long at 1.5123; Stop: 1.5071; Target: 1.5150

8:15am EST- My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.5142. ( +19 pips)

11:45am EST- There was a signal here but because it was right before 12 noon EST I did not want to enter.

entry2

Trade Result: -15 +19= +4 pips R-Multiple: -1.00; 0.37

News events to watch for Wednesday:

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