Cowabunga System Daily Update: Tuesday, 04/08/2014

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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

2:30am 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 1.6618 with a stop at the most recent swing low at 1.6612. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6650.

Entry: Long at 1.6618 Stop: 1.6612 Target: 1.6650

4:15am EST– My target was hit. Since news was coming out at 4:30am EST, I just wanted to lock in as much profit as I could since I was going to exit anyway. I managed to exit at 1.6676. (+58 pips)

Entry

Trade Result: +58 pips R-Multiple: 9.66

News events to watch for Wednesday:

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