Cowabunga System Daily Update: 08/05/2014

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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

12:45am 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 1.6867 with a stop at the most recent swing low at 1.6861. I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6900.

Entry: Long at 1.6867 Stop: 1.6861 Target: 1.6900

2:30am EST– Unfortunately I was stopped out of my trade. (-6 pips)

4:30am EST- Didn’t consider this possible signal because it was a news candle.

10:45am EST- Didn’t enter here because it was close to 12pm EST.

 

Trade Result: -6 pips R-Multiple: -1.00

Entry

News events to watch for Wednesday:

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