Cowabunga System Daily Update: Thursday, 02/27/2014

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Main Trend

Trend

Current Trend

The trend was up until 3am EST. From 11pm – 3am EST, a new trend change candle formed and changed the trend from up to DOWN. After 3am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 3am EST. After 3am EST, I only looked for short trades.

News events to watch for today :

Today’s Surf

1:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.6674 with a stop at the most recent swing low at 1.6658. Since I was 26 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6700.

Entry: Long at 1.6674 Stop: 1.6658 Target: 1.6700

2:45am EST– Unfortunately I was stopped out of my trade. (-16 pips)

Entry

Trade Result: -16 pips R-Multiple: -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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  • jaby

    The two moving averages didn’t clearly cross so I didn’t set any trade