Cowabunga System Daily Update: Tuesday, 03/10/2015

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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

4:15am 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 1.5064 with a stop at the most recent swing high at 1.5098. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5050.

Entry: Short at 1.5064 Stop: 1.5098 Target: 1.5050

4:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.5050 and set my next target to 1.5000.

5:00am EST– Unfortunately I got stopped out at my original target at 1.5050. (+14 pips)

7:15am 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 1.5059 with a stop at the most recent swing high at 1.5090. Since I was 9 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5050.

Entry: Short at 1.5059 Stop: 1.5090 Target: 1.5050

7:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.5050 and set my next target to 1.5000.

7:45am EST– Unfortunately I got stopped out at my original target at 1.5050. (+9 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +14 +9= +23 pips R-Multiple: 0.41; 0.29

News events to watch for Wednesday:

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