Cowabunga System Daily Update: Thursday, 08/22/2013

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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

3:00am 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 1.5587 with a stop at the most recent swing high at 1.5622. Since I was 37 pips away from the nearest 50 or 00 level I put my initial target at 1.5550.

Entry: Short at 1.5587 Stop: 1.5622 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 1.5577. (+10 pips)

10:15am 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 1.5576 with a stop at the most recent swing high at 1.5613. Since I was 26 pips away from the nearest 50 or 00 level I put my initial target at 1.5550.

Entry: Short at 1.5576 Stop: 1.5613 Target: 1.5550

11:45am EST – My target wasn’t hit by this time. Since it was about to be 12 noon EST, I decided to manually exit my trade. I got out at 1.5578. (-2 pips)

entry2

Trade Result: +10 -2= +8 pips R-Multiple: 0.28; -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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