Cowabunga System Daily Update: Thursday, 11/13/2014

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Main Trend

Cowabunga Forex System

Cowabunga Forex System

 

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 was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.5767 with a stop at the most recent swing high at 1.5778. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5750.

Entry: Short at 1.5767 Stop: 1.5778 Target: 1.5750

3:00am EST– Unfortunately I was stopped out of my trade. (-11 pips)

4:15am 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 1.5756 with a stop at the most recent swing high at 1.5780. Since I was only 6 pips away from the nearest 50 or 00 level (1.5750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 24. This put my initial target at 1.5732.

Entry: Short at 1.5756 Stop: 1.5780 Target: 1.5732

8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.5740. (+16 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -11 +16= +5 pips R-Multiple: -1.00; 0.66

News events to watch for Friday:

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