Cowabunga System Daily Update: Tuesday, 04/05/2016

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Main Trend

Cowabunga Forex System

Cowabunga Forex System

Current Trend

The trend was DOWN the entire day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

12:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative.

The entry was at the close of the candle at 1.4255 with a stop at the most recent swing high at 1.4271. Since I was only 5 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 16. This put my initial target at 1.4239.

Entry: Short at 1.4255 Stop: 1.4271 Target: 1.4239

1:00am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4241. (+14 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +14 pips R-Multiple: 0.87

News events to watch for Wednesday:

  • None

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