Cowabunga System Daily Update: Thursday, 10/22/2015

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Main Trend

Cowabunga Forex System

Cowabunga Forex System

Current Trend

The trend was DOWN until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from down to UP.

Today I only looked for short trades until 8am EST. After 8am EST, 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 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 1.5423 with a stop at the most recent swing high at 1.5435. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5400.

Entry: Short at 1.5423 Stop: 1.5435 Target: 1.5400

3:00am EST– Unfortunately I was stopped out of my trade. (-12 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -12 pips R-Multiple: -1.00

News events to watch for Friday:

  • None

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