Cowabunga System Daily Update: Thursday, 06/26/2014

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Main Trend

Trend

 

Current Trend

The trend was DOWN until 4am EST. From 12 midnight to 4am EST, a new trend change candle formed and changed the trend from down to UP. After 4am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 4am EST. After 4am EST, I only looked for long trades.

News events to watch for today :

Today’s Surf

12:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

3:00am 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 signal.

The entry was at the close of the candle at 1.6980 with a stop at the most recent swing high at 1.6995. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6950.

Entry: Short at 1.6980 Stop: 1.6995 Target: 1.6950

3:45am EST- Unfortunately I was stopped out of my trade. (-15 pips)

Entry

 

Trade Result: -15 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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  • http://GOOGLECHROME TONIO

    Hello please how can i get the indicator CowBunga used on the above chart called news candle and the one describing the ENTRY(BLUE CANDLE) and EXIT(BLACK CANDLE).Thanks

  • ForExchange

    Hi!

    I am learning the Cowabunga system but did not find answer for one question in the description. Can you please say if the Stoch overbought/oversold settings are 80/20 or 75/25?

    Thanks