Cowabunga System Daily Update: Wednesday, 06/05/2013

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Main Trend

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

3:45am EST– There was a valid signal here but because it was close to the 4:30am EST news event I did not enter.

10:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.5368 with a stop at the most recent swing low at 1.5331. Since I was 32 pips away from the nearest 50 or 00 level I put my initial target at 1.5400.

Entry: Long at 1.5368 Stop: 1.5331 Target: 1.5400

11:00am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5398. (+30 pips)

entry2

Trade Result: +30 pips R-Multiple: 0.81

News events to watch for Thursday:

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