Cowabunga System Daily Update: Tuesday, 02/10/2015

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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

2:30am 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. This cancelled out the signal and I did not enter.

3:45am EST– Didn’t consider this a possible trade because it was close to the 4:30am EST news event.

10:15am 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 lowing value. This was a valid entry.

The entry was at the close of the candle at 1.5220 with a stop at the most recent swing high at 1.5240. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5200.

Entry: Short at 1.5220 Stop: 1.5240 Target: 1.5200

10:45am EST– Unfortunately I was stopped out of my trade. (-40 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -20 pips R-Multiple: -1.00

News events to watch for Wednesday:

  • None

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