Cowabunga System Daily Update: Tuesday, 07/30/2013

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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

4:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.5330 with a stop at the most recent swing high at 1.5353. Since I was 30 pips away from the nearest 50 or 00 level I put my initial target at 1.5300.

Entry: Short at 1.5330 Stop: 1.5353 Target: 1.5300

5:30am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5304. (+26 pips)

9:15am EST- There was a good signal here but because it was right before the 10:00am EST I did not enter.

entry2

Trade Result: +26 pips R-Multiple: 1.13

News events to watch for Wednesday:

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