Cowabunga System Daily Update: Tuesday, 03/26/2013

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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

3:45am 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 negative. This was a valid signal. I entered at the close of the candle at 1.5180 with a stop at the most recent swing high at 1.5207. Since I was 30 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5150.

Entry: Short at 1.5180; Stop: 1.5207; Target: 1.5150

5:45am EST- My target wasn’t hit by this time. Since news was coming out at 6:00am EST, I decided to manually exit my trade. I got out at 1.5172. (+8 pips)

entry2

Trade Result: +8 pips R-Multiple: 0.29

News events to watch for Wednesday:

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