Cowabunga System Daily Update: Thursday, 06/19/2014

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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

2:00am 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 1.6998 with a stop at the most recent swing low at 1.6984. Since I was only 2 pips away from the nearest 50 or 00 level (1.7000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 14 pips. This put my target at 1.7012.

Entry: Long at 1.6998 Stop: 1.6984 Target: 1.7012

2:15am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.7010. (+12 pips)

Entry

Trade Result: +12 pips R-Multiple: 0.85

News events to watch for Friday:

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