Cowabunga System Daily Update: Thursday, 03/21/2013

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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

3:00am 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 1.5124 with a stop at the most recent swing low at 1.5108. Since I was 26 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5150.

Entry: Long at 1.5124; Stop: 1.5108; Target: 1.5150

5:15am EST- My target was hit. Price made a clean break, but since news was coming out at 5:30am EST, I just wanted to grab as many pips as I could. I exited at 1.5154. (+30 pips)

11:30am EST- Didn’t want to enter here because it was close to 12 noon EST.

entry2

Trade Result: +30 pips R-Multiple: 1.87

News events to watch for Friday:

  • None

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