Cowabunga System Daily Update: Wednesday, 05/04/2016

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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

2:00am 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 1.4522 with a stop at the most recent swing high at 1.4551. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4500.

Entry: Short at 1.4522 Stop: 1.4551 Target: 1.4500

2:15am EST– Unfortunately I was stopped out of my trade. (-29 pips)

3:30am 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 1.4531 with a stop at the most recent swing high at 1.4571. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4500.

Entry: Short at 1.4531 Stop: 1.4571 Target: 1.4500

4:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.4500 and set my next target for 1.4450.

4:15am EST- My 2nd target wasn’t hit by this time. Since news was coming out at 4:30am EST I decided to manually exit my trade. I got out at 1.4484. (+47 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -29 +47= +18 pips R-Multiple: -1.00; 1.17

News events to watch for Thursday:

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