Cowabunga System Daily Update: Tuesday, 05/10/2016

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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

6:45am 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 1.4422 with a stop at the most recent swing high at 1.4465. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4400.

Entry: Short at 1.4422 Stop: 1.4465 Target: 1.4400

9:45am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to cut my losses and exit my trade. I got out at 1.4430. (-8 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -8 pips R-Multiple: -0.18

News events to watch for Wednesday:

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

    Hi ı2m new to this system but ı was gbp/usd to be bearish or bullis by 500 hundred simple moving avarege on 5 minute time frame, if you dont mind can you have look at your losing trades that they were above when buying or thye were below when selling maybe we have a chance to make adjustment on this very famaous system..

  • ozgur

    Sorry ı was trying to say that ı’m trading gbp/usd and profitable on this pair, ı make my decisions by looking at 500 SMA on 5 minute chart if can add this rule to this system maybe we can get better results for example today ı did not get short because of the price action above 500 sma on 5 minute, and ı think you can have look at losing trades and make a decision quickly