Cowabunga System Daily Update: Wednesday, 08/14/2013

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Main Trend

Current Trend

The trend was DOWN the until 8am EST. From 4am – 8am EST a new trend change candle formed and changed the trend from down to UP. After 8am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.

News events to watch for today :

Today’s Surf

12:30am 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 1.5439 with a stop at the most recent swing high at 1.5449. Since I was 39 pips away from the nearest 50 or 00 level I put my initial target at 1.5400.

Entry: Short at 1.5439 Stop: 1.5449 Target: 1.5400

1:45am EST – Unfortunately I was stopped out of my trade. (-10 pips)

2:15am 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 1.5441 with a stop at the most recent swing high at 1.5453. Since I was 41 pips away from the nearest 50 or 00 level I put my initial target at 1.5400.

Entry: Short at 1.5441 Stop: 1.5453 Target: 1.5400

4:15am EST – Unfortunately I was stopped out of my trade. (-12 pips)

entry2

Trade Result: -10 – 12 = -22 pips R-Multiple: -1.00; -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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