Cowabunga System Daily Update: Tuesday, 03/22/2016

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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

1:15am 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 1.4375 with a stop at the most recent swing high at 1.4383. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4350.

Entry: Short at 1.4375 Stop: 1.4383 Target: 1.4350

1:30am EST– Unfortunately I was stopped out of my trade. (-8 pips)

3:15am 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.

The entry was at the close of the candle at 1.4376 with a stop at the most recent swing high at 1.4396. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4350.

Entry: Short at 1.4376 Stop: 1.4396 Target: 1.4350

3:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.4350 and set my next target for 1.4300.

4:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.4302. (+74 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -8 +74= +66 pips R-Multiple: -1.00; 3.70

News events to watch for Wednesday:

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