Cowabunga System Daily Update: Wednesday, 01/22/2014

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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 1.6480 with a stop at the most recent swing low at 1.6467. Since I was 20 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6500.

Entry: Long at 1.6480 Stop: 1.6467 Target: 1.6500

2:45am EST– Unfortunately I was stopped out of my trade. (-13 pips)

4:30am EST– There was a signal here but because it was a news candle I did not enter.

Entry

Trade Result: -13 pips R-Multiple: -1.00

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
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  • I am really interested in this system,though I do not understand how you are setting your targets. I would like to follow this system, can you explain your targeting system please.
    Thanks
    Redcell