Cowabunga System Daily Update: Thursday, 08/29/2013

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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

12:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.5531 with a stop at the most recent swing high at 1.5547. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5500.

Entry: Short at 1.5531 Stop: 1.5547 Target: 1.5500

2:45am EST – My target as hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5504. (+27 pips)

8:30am EST– Didn’t even consider this possible signal because it was a news candle.

10:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This cancelled out the signal and I did not enter.

entry2

Trade Result: +27 pips R-Multiple: 1.68

News events to watch for Friday:

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