Cowabunga System Daily Update: Tuesday, 02/16/2016

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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

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 1.4458 with a stop at the most recent swing high at 1.4515. Since I was only 8 pips away from the nearest 50 or 00 level (1.4450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 57. This put my initial target at 1.4401.

Entry: Short at 1.4458 Stop: 1.4515 Target: 1.4401

8:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.4401 and held out to see how many pips I could get before the news event at 8:30am EST.

8:15am EST– The price got as low as 1.4341 and since news was coming out at 8:30am EST, I just wanted to catch as many pips as possible. I manually closed out my trade at 1.4345. (+ 113 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -+113 pips R-Multiple: 1.98

News events to watch for Wednesday:

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