Cowabunga System Daily Update: Wednesday, 08/21/2013

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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

2:00am 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.

4:00am EST– There was a signal here but because it was right before the 4:30am EST news I did not enter.

7:00am 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.

10:15am 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 1.5688 with a stop at the most recent swing low at 1.5673. Since I was 12 pips away from the nearest 50 or 00 level I put my initial target at 1.5700.

Entry: Long at 1.5688 Stop: 1.5673 Target: 1.5700

11:15am EST – Unfortunately I was stopped out of my trade. (-15 pips)

entry2

Trade Result: -15 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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