Cowabunga System Daily Update: Thursday, 09/10/2015

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

12:30, 1:00, 1:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

3:30am 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 1.5362 with a stop at the most recent swing low at 1.5338. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5400.

Entry: Long at 1.5362 Stop: 1.5338 Target: 1.5400

6:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.5396. (+34 pips)

 

Trade Result: +34 pips R-Multiple: 1.41

Cowabunga Forex System

Cowabunga Forex System

News events to watch for Friday:

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