Cowabunga System Daily Update: Thursday, 08/08/2013

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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

4:30am 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 1.5504 with a stop at the most recent swing low at 1.5485. Since I was 46 pips away from the nearest 50 or 00 level I put my initial target at 1.5550.

Entry: Long at 1.5504 Stop: 1.5485 Target: 1.5550

8:15am EST - 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 1.5503. (-1 pip)

8:30am EST- Didn’t enter this because the signal was on a news candle.

entry2

Trade Result: -1 pip R-Multiple: 0.05

News events to watch for Friday:

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