Cowabunga System Daily Update: Tuesday, 05/20/2014

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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

3:30am 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 1.6819 with a stop at the most recent swing low at 1.6801. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6850.

Entry: Long at 1.6819 Stop: 1.6801 Target: 1.6850

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 possible. I exited at 1.6858. (+39 pips)

Entry

Trade Result: +39 pips R-Multiple: 2.16

News events to watch for Wednesday:

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