Cowabunga System Daily Update: Wednesday, 12/16/2015

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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 :

Today’s Surf

2:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD went from positive to negative, but Stochastics were still trending up. This cancelled out the signal and I did not enter.

3:00am 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 1.5038 with a stop at the most recent swing high at 1.5055. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5000.

Entry: Short at 1.5038 Stop: 1.5055 Target: 1.5000

4:15am EST– My target was hit. Since news was coming out at 4:30am EST, I decided to take my final profit. I exited at 1.4998. (+40 pips)

7:45am EST– Didn’t consider this possible signal since it was close to the 8:30am EST news event.

10:15am 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 1.5002 with a stop at the most recent swing high at 1.5049. Since I was only 2 pips away from the nearest 50 or 00 level (1.5000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 47. This put my initial target at 1.4955.

Entry: Short at 1.5002 Stop: 1.5049 Target: 1.4955

12:00pm EST– My target wasn’t hit by this time. Since it was 12 noon EST, I decided to manually exit my trade. I got out at 1.5011. (-9 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +40 -9= +31 pips R-Multiple: 2.35; -0.19

News events to watch for Thursday:

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