Cowabunga System Daily Update: Thursday, 01/08/2015

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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

5:45am 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 1.5055 with a stop at the most recent swing high at 1.5069. Since I was only 5 pips away from the nearest 00 or 50 level (1.5050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 14. This put my initial target at 1.5041.

Entry: Short at 1.5055 Stop: 1.5069 Target: 1.5041

6:15am EST– Unfortunately I was stopped out of my trade. (-14 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -14 pips R-Multiple: -1.00

News events to watch for Friday:

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