Cowabunga System Daily Update: Thursday, 10/09/2014

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Main Trend

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

3:45am 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 1.6207 with a stop at the most recent swing low at 1.6154. I was 43 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6250.

Entry: Long at 1.6207 Stop: 1.6154 Target: 1.6207

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 1.6215. (+8 pips)

Entry

 

Trade Result: +8 pips R-Multiple: 0.15

News events to watch for Friday:

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