Cowabunga System Daily Update: Thursday, 03/24/2016

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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

2:15am 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.

The entry was at the close of the candle at 1.4095 with a stop at the most recent swing high at 1.4103. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4050.

Entry: Short at 1.4095 Stop: 1.4103 Target: 1.4050

5:15am EST– My target wasn’t hit by this time. Since news was coming out at 5:30am EST, I decided to manually exit my trade. I got out at 1.4077. (+18 pips)

9:30am 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 1.4109 with a stop at the most recent swing high at 1.4146. Since I was only 9 pips away from the nearest 50 or 00 level (1.4100), I decided to go for the same amount of pips I was risking on the trade, which in this case was 37. This put my initial target at 1.4072.

Entry: Short at 1.4109 Stop: 1.4146 Target: 1.4072

11:45am EST– Unfortunately I was stopped out of my trade. (-37 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +18 -37= -19 pips R-Multiple: 2.25; -1.00

News events to watch for Friday:

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