Cowabunga System Daily Update: Wednesday, 01/14/2015

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Main Trend

Cowabunga Forex System

Cowabunga Forex System

 

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

2:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.5177 with a stop at the most recent swing low at 1.5145. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5200.

Entry: Long at 1.5177 Stop: 1.5145 Target: 1.5200

2:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.5200 and set my next target for 1.5250.

3:00am EST– Unfortunately I was stopped out of my original target at 1.5200. (+23 pips)

5:15am 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 1.5192 with a stop at the most recent swing low at 1.5149. Since I was only 8 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 43. This put my target at 1.5235.

Entry: Long at 1.5192 Stop: 1.5149 Target: 1.5235

8:15am EST– Unfortunately my target was not hit by this time. SInce news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.5200. (+8 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +23 +8= +31 pips R-Multiple: 0.71; 0.18

News events to watch for Thursday:

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

    nice