Cowabunga System Daily Update: Thursday, 01/29/2015

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Main Trend

Cowabunga Forex System

Cowabunga Forex System

 

Current Trend

The trend was UP until 7am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from up to DOWN. After 7am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 7am EST. After 7am EST, I only looked for short trades.

News events to watch for today :

Today’s Surf

12:45am 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 1.5146 with a stop at the most recent swing low at 1.5129. Since I was only 4 pips awy from the nearest 50 or 00 level (1.5150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 17. This put my initial target at 1.5163.

Entry: Long at 1.5146 Stop: 1.5129 Target: 1.5163

2:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5160. (+14 pips)

5:00am EST– No entry here because it was right before a news event.

9:45am EST– No entry here because it was right before a news event.

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +14 pips R-Multiple: 0.82

News events to watch for Friday:

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