Cowabunga System Daily Update: Wednesday, 01/13/2016

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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 :

  • None

Today’s Surf

12:15; 1:15 am 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 the signal and I did not enter.

5:30am 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 1.4429 with a stop at the most recent swing high at 1.4474. Since I was 29 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4400.

Entry: Short at 1.4429 Stop: 1.4474 Target: 1.4400

6:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.4400 and set my next target for 1.4350.

7:15am EST– Unfortunately I was stopped out at my original target at 1.4400. (+29 pips)

9:00am 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 1.4412 with a stop at the most recent swing high at 1.4428. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4400.

Entry: Short at 1.4412 Stop: 1.4428 Target: 1.4400

10:00am EST– Unfortunately I was stopped out of my trade. (-16 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +29 -16= +13 pips R-Multiple: 0.64; -1.00

News events to watch for Thursday:

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