Cowabunga System Daily Update: Tuesday, 05/16/2013

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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

1:45am 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 1.5234. 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: 1.5234; Target: 1.5200

2:00am 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)

6:45am 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 1.5234. 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: 1.5234; Target: 1.5200

7:30am EST- Unfortunately I was stopped out of my trade. (-23 pips)

entry2

Trade Result: +15 -23= -8 pips R-Multiple: 0.88; -1.00

News events to watch for Friday:

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