Cowabunga System Daily Update: Wednesday, 01/20/2016

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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

3:30am EST– Didn’t consider this possible signal because it was close to the 4:30am EST news event.

6:30am 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 1.4149 with a stop at the most recent swing high at 1.4190. Since I was 49 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4100.

Entry: Short at 1.4149 Stop: 1.4190 Target: 1.4100

8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.4161. (-12 pips)

11:15am EST– Didn’t consider this possible signal because it was close to the end of our trading session at 12 noon EST.

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -12 pips R-Multiple: -0.21

News events to watch for Thursday:

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