Cowabunga System Daily Update: Wednesday, 11/04/2015

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Main Trend

Cowabunga Forex System

Cowabunga Forex System

Current Trend

The trend was UP until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from up to DOWN.

Today I only looked for long trades until 11am EST. After 11am EST, I only looked for short trades.

News events to watch for today :

Today’s Surf

2:45am 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 1.5427 with a stop at the most recent swing low at 1.5411. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5450.

Entry: Long at 1.5427 Stop: 1.5411 Target: 1.5450

4:15am EST– Unfortunately I was stopped out of my trade. (-16 pips)

4:30am EST- Didn’t even consider this possible signal because it was on a news candle. No entry.

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -16 pips R-Multiple: -1.00

News events to watch for Thursday:

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