Cowabunga System Daily Update: Tuesday, 02/09/2016

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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

6:45am 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 1.4421 with a stop at the most recent swing high at 1.4484. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4400.

Entry: Short at 1.4421 Stop: 1.4484 Target: 1.4400

7:15am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4402. (+19 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +19 pips R-Multiple: 0.30

News events to watch for Wednesday:

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