Cowabunga System Daily Update: Tuesday, 08/27/2013

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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

2:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was ent from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.5562 with a stop at the most recent swing high at 1.5580. Since I was only 12 pips away from the nearest 50 or 00 level (1.5550), I decided to go for the same amount of pips I was risking on the trade, which in this case was 18. This put my initial target at 1.5544.

Entry: Short at 1.5562 Stop: 1.5580 Target: 1.5544

3:15am EST – My target as hit. Price made a clean break so I moved my stop to 1.5544 and set my next target for 1.5500.

4:00am EST– Unfortunately I got stopped out at my original target at 1.5544. (+18 pips)

entry2

Trade Result: +18 pips R-Multiple: 1.00

News events to watch for Wednesday:

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