Cowabunga System Daily Update: Tuesday, 04/07/2015

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Main Trend

Cowabunga Forex System

Cowabunga Forex System

 

Current Trend

The trend was UP until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 8am EST. After 8am EST, I only looked for short trades.

News events to watch for today :

Today’s Surf

1:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

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

4:15am EST– Didn’t consider this possible signal because it was close to a news event.

6:45am 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 1.4885 with a stop at the most recent swing low at 1.4829. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4900.

Entry: Long at 1.4885 Stop: 1.4829 Target: 1.4900

7:15am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.4900. (+15 pips)

8:30am 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 1.4878 with a stop at the most recent swing high at 1.4907. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4850.

Entry: Short at 1.4878 Stop: 1.4907 Target: 1.4850

9:45am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST I decided to manually exit my trade. I got out at 1.4888 (-10 pips)

10:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.4867 with a stop at the most recent swing high at 1.4911. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4850.

Entry: Short at 1.4867 Stop: 1.4911 Target: 1.4850

11:00am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.4852 (+15 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +15 -10 +15= +20 pips R-Multiple: 0.26; -0.34; 0.34

News events to watch for Wednesday:

  • None

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