Cowabunga System Daily Update: Wednesday, 06/12/2013

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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

2:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.5659 with a stop at the most recent swing low at 1.5632. Since I was 41 pips away from the nearest 50 or 00 level I put my initial target at 1.5700.

Entry: Long at 1.5659 Stop: 1.5632 Target: 1.5700

4:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.5656. (-3 pips)

8:45am 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 1.5665 with a stop at the most recent swing low at 1.5642. Since I was 35 pips away from the nearest 50 or 00 level I put my initial target at 1.5700.

Entry: Long at 1.5665 Stop: 1.5642 Target: 1.5700

11:30am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 11:30am EST, I decided to manually exit my trade. I got out at 1.5688. (+23 pips)

entry2

Trade Result: -3 +23= +20 pips R-Multiple: -0.11; 1.00

News events to watch for Thursday:

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