Cowabunga System Daily Update: Tuesday, 09/17/2013

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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

1:00am 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 my signal and I did not enter.

7:15am 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 1.5911 with a stop at the most recent swing low at 1.5885. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5950.

Entry: Long at 1.5911 Stop: 1.5885 Target: 1.5950

8:15am EST – My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to cut my losses and manually exit my trade. I got out at 1.5905. (-6 pips)

8:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, MACD went from negative to positive, but stochastics were still trending down. This cancelled out the signal and I did not enter.

9:30am EST– Did not even consider this potential signal because it was right before the 10:00am EST news.

entry2

Trade Result: -6 pips R-Multiple: -0.23

News events to watch for Wednesday:

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