Cowabunga System Daily Update: Thursday, 10/23/2014

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Main Trend

Trend

 

Current Trend

The trend was DOWN the entire day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

2:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.6042 with a stop at the most recent swing high at 1.6059. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6000.

Entry: Short at 1.6042 Stop: 1.6059 Target: 1.6000

4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.6020. (+22 pips)

10:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.6012 with a stop at the most recent swing high at 1.6038. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6000.

Entry: Short at 1.6012 Stop: 1.6038 Target: 1.6000

10:30am EST– Unfortunately I was stopped out of my trade. (-26 pips)

Entry

 

Trade Result: +22 -26= -4 pips R-Multiple: 1.29; -1.00

News events to watch for Friday:

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

    Why would you enter 2nd trade as it was clearly against R:R rules?