Cowabunga System Daily Update: Thursday, 08/15/2013

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

Main 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

2:00am 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 1.5520 with a stop at the most recent swing low at 1.5514. Since I was 30 pips away from the nearest 50 or 00 level I put my initial target at 1.5550.

Entry: Long at 1.5520 Stop: 1.5514 Target: 1.5550

4:15am EST – My target was hit. Price made a clean break but news was coming out at 4:30am EST. I tried to catch as many pips I could before exiting out. I got out at 1.5562. (+42 pips)

11:00am EST– There was a signal here but because it was pretty close to 12 noon EST I decided not to enter.

entry2

Trade Result: +42 pips R-Multiple: 7.00

News events to watch for Friday:

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.