Cowabunga System Daily Update: Tuesday, 05/19/2015

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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

2:15am 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 1.5648 with a stop at the most recent swing high at 1.5665. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5600.

Entry: Short at 1.5648 Stop: 1.5665 Target: 1.5600

2:45am EST– Unfortunately I was stopped out of my trade. (-17 pips)

3:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This cancelled out the signal and I did not enter.

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -17 pips R-Multiple: -1.00

News events to watch for Wednesday:

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