Cowabunga System Daily Update: Thursday, 12/17/2015

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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

1:00am 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 1.4947 with a stop at the most recent swing high at 1.4956. Since I was 47 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4900.

Entry: Short at 1.4947 Stop: 1.4956 Target: 1.4900

1:45am EST– Unfortunately I was stopped out of my trade. (-9 pips)

2:45am 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 1.4940 with a stop at the most recent swing high at 1.4975. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4900.

Entry: Short at 1.4940 Stop: 1.4975 Target: 1.4900

4:00am EST– Unfortunately I was stopped out of my trade. (-35 pips)

5:15am 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 1.4940 with a stop at the most recent swing high at 1.5009. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4900.

Entry: Short at 1.4940 Stop: 1.5009 Target: 1.4900

8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST I decided to take my profit and exit the trade. I got out at 1.4907. (+33 pips)

9:45am 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 1.4913 with a stop at the most recent swing high at 1.4937. Since I was 13 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4900.

Entry: Short at 1.4913 Stop: 1.4937 Target: 1.4900

10:00am EST– My target ws hit. Price didn’t make a clean break so I took my final profit. I got out at 1.4091 (+12 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -9 -35 +33 +12= +1 pips R-Multiple: -1.00; -1.00; 0.47; 0.50

News events to watch for Friday:

  • None

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