Cowabunga System Daily Update: Wednesday, 07/24/2013

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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

2:45am 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 1.5367 with a stop at the most recent swing low at 1.5344. Since I was 33 pips away from the nearest 50 or 00 level I put my initial target at 1.5400.

Entry: Long at 1.5367 Stop: 1.5344 Target: 1.5400

5:45am EST- Unfortunately I was stopped out of my trade. (-23 pips)

10:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

entry2

Trade Result: -23 pips R-Multiple: -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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