Cowabunga System Daily Update: Tuesday, 05/03/2016

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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

2:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive.

The entry was at the close of the candle at 1.4705 with a stop at the most recent swing low at 1.4658. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4750.

Entry: Long at 1.4705 Stop: 1.4658 Target: 1.4750

3:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.4750 and set my next target for 1.4800.

3:45am EST– Unfortunately I was stopped out at my initial target at 1.4750. (+45 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +45 pips R-Multiple: 0.95

News events to watch for Wednesday:

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