Cowabunga System Daily Update: Tuesday, 05/28/2013

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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

3:00am 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 entry.

The entry was at the close of the candle at 1.5098 with a stop at the most recent swing high at 1.5114. Since I was 48 pips away from the nearest 50 or 00 level I put my initial target at 1.5050.

Entry: Short at 1.5098 Stop: 1.5114 Target: 1.5050

7:00am EST– Unfortunately I was stopped out of my trade. (-16 pips)

entry2

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

News events to watch for Wednesday:

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