Cowabunga System Daily Update: Thursday, 12/18/2014

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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

1:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.5585 with a stop at the most recent swing high at 1.5592. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5550.

Entry: Short at 1.5585 Stop: 1.5592 Target: 1.5550

2:15am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.5552. (+33 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +33 pips R-Multiple: 4.71

News events to watch for Friday:

  • 4:30am EST– UK Public Borrowing

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

    How can i understand the clear price break??