Cowabunga System Daily Update: Wednesday, 04/24/2013

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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 1.5233 with a stop at the most recent swing high at 1.5249. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5200.

Entry: Short at 1.5233; Stop: 1.5249; Target: 1.5200

2:15am EST- Unfortunately I was stopped out of my trade. (-16 pips)

7:30am EST- Did not enter because it was right before the 8:30am EST news event, and MACD was already negative from the previous candle.

11:15am EST- Did not enter because it was close to 12 noon EST.

entry2

Trade Result: -16 pips R-Multiple: -1.00

News events to watch for Thursday:

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