Cowabunga System Daily Update: Tuesday, 07/21/2015

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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 :

  • None

Today’s Surf

12:45am 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 1.5559 with a stop at the most recent swing high at 1.5566. Since I was 9 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5550.

Entry: Short at 1.5559 Stop: 1.5566 Target: 1.5550

1:30am EST– Unfortunately I was stopped out of my trade. (-7 pips)

5:30am 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 1.5566 with a stop at the most recent swing high at 1.5589. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5550.

Entry: Short at 1.5566 Stop: 1.5589 Target: 1.5550

6:00am EST– My target was hit. Price made a clean break so I set my stop to 1.5550 and set my next target at 1.5500.

6:15am EST– Unfortunately I was stopped out at my original target at 1.5550 (+16 pips)

10:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics weren’t quite crossed over yet. This cancelled out the signal and I did not enter.

11:15am EST– Didn’t consider this possible signal because it was so close to 12 noon EST.

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -7 +16= +9 pips R-Multiple: -1.00; 0.69

News events to watch for Wednesday:

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