Cowabunga System Daily Update: Thursday, 04/11/2013

If this is your first time visiting this blog, read this first! 

Main Trend

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today :

  • 8:30am EST– US Initial Claims

Today’s Surf

3:30am 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 1.5348 with a stop at the most recent swing low at 1.5317. Since I was only 2 pips away from the nearest 50 or 00 level (1.5350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 31. This put my initial target at 1.5379.

Entry: Long at 1.5348; Stop: 1.5317; Target: 1.5379

6:00am EST- My target was hit. Price made a clean break so I moved my stop to 1.5379 and set my next target for 1.5400.

7:45am EST- My target was hit. Price made another clean break so I moved my stop to 1.5400 and set my next target for 1.5450.

8:00am EST- Unfortunately I got stopped out at 1.5400. (+52 pips)

10:30am 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 1.5397 with a stop at the most recent swing low at 1.5367. Since I was only 3 pips away from the nearest 50 or 00 level (1.5400), I decided to go for the same amount of pips I was risking on the trade, which in this case was 30. This put my initial target at 1.5427.

Entry: Long at 1.5397; Stop: 1.5367; Target: 1.5427

11:45am EST- My target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to manually exit my trade. I got out at 1.5403. (+6 pips)

entry2

Trade Result: +52 +6= +58 pips R-Multiple: 1.67; 0.20

News events to watch for Friday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forex Forums.