Cowabunga System Daily Update: Wednesday, 01/08/214

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Main Trend

Trend

Current Trend

The trend was DOWN until 3am EST. From 11pm – 3am EST a new trend change candle formed and changed the trend from down to UP. After 3am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 3am EST. After 3am EST I only looked for long trades.

News events to watch for today :

  • 8:15am EST– US ADP Employment Survey

Today’s Surf

6:45am 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 1.6422 with a stop at the most recent swing low at 1.6407. Since I was 28 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6450.

Entry: Long at 1.6422 Stop: 1.6407 Target: 1.6450

8:00am EST– My target wasn’t hit by this time. Since news was coming out at 8:15am EST, I decided to manually exit my trade. I got out at 1.6429. (+7 pips)

Entry

Trade Result: +7 pips R-Multiple: 0.46

News events to watch for Thursday:

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

    Hi,
    I remember , the first time I read about this system was in 2008!! Last night I was surprised to see you still post about it 🙂
    Could you please tell me how many trades/ month you get in the average for one pair?
    I also saw that you calculate your results as Rs multiple- are you familiar with van K Tharp, by chance??

    Thanks!
    Oana