Cowabunga System Daily Update: Tuesday, 05/14/2013

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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 :

  • None

Today’s Surf

1:15; 2:45; 3:15; 5:30am EST- There were moving average crossovers for short trades. However on all of these crosses, MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

8:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending dwon, and MACD went from positive to negative. This was a valid signal. I entered at the close of the candle at 1.5281 with a stop at the most recent swing high at 1.5298. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5250.

Entry: Short at 1.5281; Stop: 1.5298; Target: 1.5250

9:30am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5252. (+29 pips)

entry2

Trade Result: +29 pips R-Multiple: 1.70

News events to watch for Wednesday:

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