Cowabunga System Daily Update: Thursday, 06/20/2013

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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

2:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were trending up. This cancelled out the signal and I did not enter.

4:00am EST- Didn’t consider this possible signal because it was right before the 4:30am EST news.

6:15am 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 1.5444 with a stop at the most recent swing high at 1.5484. Since I was 44 pips away from the nearest 50 or 00 level I put my initial target at 1.5400.

Entry: Short at 1.5444 Stop: 1.5484 Target: 1.5400

8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.5444. (+0 pips)

10:15am 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 1.5457 with a stop at the most recent swing high at 1.5485. Since I was only 7 pips away from the nearest 50 or 00 level (1.5450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 28. This put my target at 1.5429.

Entry: Short at 1.5457 Stop: 1.5485 Target: 1.5429

11:45am EST– Unfortunately my target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to manually exit my trade. I got out at 1.5452. (+5 pips)

entry2

Trade Result: +0 +5= +5 pips R-Multiple: N/A; 0.17

News events to watch for Friday:

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