Cowabunga System Daily Update: Thursday, 04/14/2016

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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

6:15am EST– Didn’t consider this possible signal because it was right before the 7:00am EST news.

8:15am EST– Didn’t consider this possible signal because it was right before the 8:30am EST news.

9:45am 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 1.4139 with a stop at the most recent swing high at 1.4177. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4100.

Entry: Short at 1.4139 Stop: 1.4177 Target: 1.4100

11:45am EST– Unfortunately my target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to manually exit my trade and cut my losses. I got out at 1.4140. (-1 pip)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -1 pip R-Multiple: -0.02

News events to watch for Friday:

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