Cowabunga System Daily Update: Wednesday, 05/15/2013

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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

2:00am 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 1.5217 with a stop at the most recent swing high at 1.5236. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5200.

Entry: Short at 1.5217; Stop: 1.5236; Target: 1.5200

3:00am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5202. (+15 pips)

6:30am 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 1.5221 with a stop at the most recent swing high at 1.5272. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5200.

Entry: Short at 1.5221; Stop: 1.5272; Target: 1.5200

7:00am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5203. (+18 pips)

10:30am 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 1.5211 with a stop at the most recent swing high at 1.5267. Since I was 11 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5200.

Entry: Short at 1.5211; Stop: 1.5267; Target: 1.5200

11:30am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5201. (+10 pips)

entry2

Trade Result: +15 +18 +10= +43 pips R-Multiple: 0.78; 0.35; 0.17

News events to watch for Thursday:

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