Cowabunga System Daily Update: Thursday, 03/10/2016

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Main Trend

Cowabunga Forex System

Cowabunga Forex System

Current Trend

The trend was DOWN until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from down to UP. After 11am EST, the trend remained UP the rest of the day.

Today I only looked for short trades until 11am EST. After 11am EST, I only looked for long trades.

News events to watch for today :

Today’s Surf

12:30am 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 1.4194 with a stop at the most recent swing high at 1.4238. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4150

Entry: Short at 1.4194 Stop: 1.4238 Target: 1.4150

3:30am EST– Unfortunately I was stopped out of my trade. (-44 pips)

4:30am 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 1.4191 with a stop at the most recent swing high at 1.4231. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4150

Entry: Short at 1.4191 Stop: 1.4231 Target: 1.4150

8:00am EST– My target was hit. Since news was coming out at 8:30am EST, I decided to take my final profit. I exited right at 1.4150. (+41 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -44 +41= -3 pips R-Multiple: -1.00; 1.02

News events to watch for Friday:

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