Cowabunga System Daily Update: Thursday, 07/16/2015

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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

12:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, but stochastics were trending down and MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

2:30am 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 1.5633 with a stop at the most recent swing low at 1.5607. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5650.

Entry: Long at 1.5633 Stop: 1.5607 Target: 1.5650

3:30am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.5648. (+15 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +15 pips R-Multiple: 0.57

News events to watch for Friday:

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