Cowabunga System Daily Update: Tuesday, 09/03/2013

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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

2:45am 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 1.5557 with a stop at the most recent swing low at 1.5536. Since I was 43 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5600.

Entry: Long at 1.5557 Stop: 1.5536 Target: 1.5600

4:15am EST – My target wasn’t hit by this time. Since news was coming out at 4:30am EST I decided to manually exit my trade. I got out at 1.5393. (+36 pips)

entry2

Trade Result: +36 pips R-Multiple: 1.71

News events to watch for Wednesday:

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