Cowabunga System Daily Update; Tuesday, 07/07/2015

If this is your first time visiting this blog, read this first!

Main Trend

Cowabunga Forex System

Cowabunga Forex System

 

Current Trend

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

Today I only looked for long trades until 4am EST. After 4am EST, I only looked for short trades.

News events to watch for today :

Today’s Surf

12:15am 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 1.5593 with a stop at the most recent swing low at 1.5583. Since I was only 7 pips away from the nearest 50 or 00 level (1.5600), I decided to go for the same amount of pips I was risking on the trade, which in this case was 10. This put my initial target at 1.5603.

Entry: Long at 1.5593 Stop: 1.5583 Target: 1.5603

1:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.5603. (+10 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +10 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.
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forex Forums.