Cowabunga System Daily Update: Wednesday, 12/03/2014

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Main Trend

Cowabunga Forex System

Cowabunga Forex System

 

Current Trend

The trend was DOWN until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from down to UP.

Today I only looked for short trades until 11am EST. After 11am EST, I only looked for long trades.

News events to watch for today :

Today’s Surf

12:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

2:30am 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. This was a valid entry.

The entry was at the close of the candle at 1.5628 with a stop at the most recent swing high at 1.5656. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5600.

Entry: Short at 1.5628 Stop: 1.5656 Target: 1.5600

4:15am EST– Unfortunately I my target wasn’t hit by this time. Since news was coming out I decided to cut my losses and manually exit my trade. I got out at 1.5640. (-12 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -12 pips R-Multiple: -0.42

News events to watch for Thursday:

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

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