Cowabunga System Daily Update: Tuesday, 04/09/2013

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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 valid signal here but because it was right before the 4:30am EST news event, I did not enter.

8:00am 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 1.5310 with a stop at the most recent swing low at 1.5287. Since I was 40 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5350.

Entry: Long at 1.5310; Stop: 1.5287; Target: 1.5350

9:45am EST- My target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to manually exit my trade. I got out at 1.5308. (-2 pips)

entry2

Trade Result: -2 pips R-Multiple: -0.08

News events to watch for Wednesday:

  • None

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