Cowabunga System Daily Update: Wednesday, 04/09/2014

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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

12:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still negative. This cancelled out the signal and I did not enter.

4:00am EST– Didn’t even consider this possible signal because it was right before the 4:30am ESTnews.

6:30am 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 1.6741 with a stop at the most recent swing low at 1.6723. Since I was only 9 pips away from the nearest 50 or 00 level (1.6750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 18. This put my initial target at 1.6759.

Entry: Long at 1.6741 Stop: 1.6723 Target: 1.6759

8:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6757. (+16 pips)

Entry

Trade Result: +16 pips R-Multiple: 0.88

News events to watch for Thursday:

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