Cowabunga System Daily Update: Wednesday, 09/11/2013

If this is your first time visiting this blog, read this first! 

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 went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.5726 with a stop at the most recent swing low at 1.5718. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5750.

Entry: Long at 1.5726 Stop: 1.5718 Target: 1.5750

4:15am EST – My target was hit. Since news was coming out at 4:30am EST, I was just looking to grab as many pips as I could and get out before the news candle. I exited at 1.5790. (+64 pips)

entry2

Trade Result: +64 pips R-Multiple: 8.00

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forex Forums.