Cowabunga System Daily Update: Thursday, 09/05/2013

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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 but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

4:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.5615 with a stop at the most recent swing low at 1.5591. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5650.

Entry: Long at 1.5615 Stop: 1.5591 Target: 1.5650

6:45am EST - My target wasn’t hit by this time. Since news was coming out at 7:00am EST I decided to manually exit my trade. I got out at 1.5625. (+10 pips)

entry2

Trade Result: +10 pips R-Multiple: 0.62

News events to watch for Friday:

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