Cowabunga System Daily Update: Thursday, 04/18/2013

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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

1:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid signal. I entered at the close of the candle at 1.5246 with a stop at the most recent swing high at 1.5255. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5200.

Entry: Short at 1.5246; Stop: 1.5255; Target: 1.5200

2:15am EST- Unfortunately I was stopped out of my trade. (-9 pips)

3:15am 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 1.5251 with a stop at the most recent swing high at 1.5266. Since I was only 1 pip away from the nearest 50 or 00 level (1.5250), 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 1.5236.

Entry: Short at 1.5251; Stop: 1.5266; Target: 1.5236

4:15am EST- My target was hit. Price made a clean break, but I didn’t want to hold onto the trade since I knew that news was coming out at 4:30am EST. I simply waited to see how many pips I could capture, and then I exited my trade. I got out at 1.5227. (+24 pips)

entry2

Trade Result: -9 +24= +15 pips R-Multiple: -1.00; 1.60

News events to watch for Friday:

  • None

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