Cowabunga System Daily Update: Tuesday, 09/10/2013

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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 :

  • None

Today’s Surf

4:00am 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 1.5704 with a stop at the most recent swing low at 1.5687. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5750.

Entry: Long at 1.5704 Stop: 1.5687 Target: 1.5750

8:00am EST – Unfortunately I was stopped out of my trade. (-17 pips)

9:00am 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 1.5707 with a stop at the most recent swing low at 1.5685. Since I was 43 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5750.

Entry: Long at 1.5707 Stop: 1.5685 Target: 1.5750

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 1.5736. (+29 pips)

entry2

Trade Result: -17 +29= +12 pips R-Multiple: -1.00; 1.31

News events to watch for Wednesday:

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