Cowabunga System Daily Update: Thursday, 03/17/2016

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Main Trend

Cowabunga Forex System

Cowabunga Forex System

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

3:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.4253 with a stop at the most recent swing low at 1.4220. Since I was 47 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4300.

Entry: Long at 1.4253 Stop: 1.4220 Target: 1.4300

4:30am EST– My target was hit. Price didn’t make a clean break so I took my final profit and got out at 1.4298. (+45 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +45 pips R-Multiple: 1.36

News events to watch for Friday:

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