Current Trend= Down; New trend may be forming
Only looked for Short trades today
The Cowabunga system produced a short signal at 5:15 AM ET today. The entry was at 9316. Usually I like to go for 00 or 50 levels but if I targeted 9300, that would only be a 16 pip gain. If you notice, my stop was at the most recent swing high which was at 9346 (30 pips). Hmm…risking 30 pips to get 16? It’s not so great! So instead of targeting 9300, I decided to go for the same amount of pips I was risking, which was 30 pips. This effectively put my target at 9286 which was eventually hit at 8:15 AM ET.
Trade Result: +30 Pips