Cowabunga System Daily Update: Tuesday, 01/05/2016

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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

1:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out my signal and I did not enter.

2:00am 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 1.4714 with a stop at the most recent swing high at 1.4724. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4700.

Entry: Short at 1.4714 Stop: 1.4724 Target: 1.4700

3:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.4700 and set my next target for 1.4650.

4:00am EST- Unfortunately I was stopped out at my original target. (+14 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 1.4665 with a stop at the most recent swing high at 1.4694. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4650.

Entry: Short at 1.4665 Stop: 1.4694 Target: 1.4650

10:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.4650 and set my next target for 1.4600.

10:45am EST– Unfortunately I was stopped out at my original target. (+15 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +14 +15= +29 pips R-Multiple: 1.40; 0.51

News events to watch for Wednesday:

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