Cowabunga System Daily Update: Tuesday, 04/29/2014

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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 went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.6814 with a stop at the most recent swing low at 1.6807. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6850.

Entry: Long at 1.6814 Stop: 1.6807 Target: 1.6850

4:15am EST– Unfortunately I was stopped out of my trade. (-7 pips)

8:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.6815 with a stop at the most recent swing low at 1.6800. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6850.

Entry: Long at 1.6815 Stop: 1.6800 Target: 1.6850

8:45am EST– My target wasn’t hit by this time. Since news was coming out at 9:00am EST, I decided to manually exit my trade. I got out at 1.6830. (+15 pips)

Entry

Trade Result: -7 +15= +8 pips R-Multiple: -1.00; 1.00

News events to watch for Wednesday:

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