Cowabunga System Daily Update: Thursday, 04/16/2015

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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

3:00am 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 1.4852 with a stop at the most recent swing low at 1.4811. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4900.

Entry: Long at 1.4852 Stop: 1.4811 Target: 1.4900

4:00am EST– Unfortunately I was stopped out of my trade. (-41 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 went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.4844 with a stop at the most recent swing low at 1.4811. Since I was only 6 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 33. This put my initial target at 1.4877.

Entry: Long at 1.4844 Stop: 1.4811 Target: 1.4877

6:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.4877 and set my next target at 1.4900.

6:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.4900 and set my next target at 1.4950.

8:00am EST– Unfortunately I got stopped out at 1.4900. (+56 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -41 +56= +15 pips R-Multiple: -1.00; 1.69

News events to watch for Friday:

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