Cowabunga System Daily Update: Wednesday, 02/12/2014

If this is your first time visiting this blog, read this first!

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 :

  • 5:30am EST– UK BOE Quarterly Inflation Report

Today’s Surf

4:00am 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 1.6461 with a stop at the most recent swing low at 1.6425. Since I was 39 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6500.

Entry: Long at 1.6461 Stop: 1.6425 Target: 1.6500

5:15am EST– My target wasn’t hit by this time. Since news was coming out at 5:30am EST, I decided to manually exit my trade. I got out at 1.6493. (+32 pips)

Entry

Trade Result: +32 pips R-Multiple: 0.88

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forex Forums.