Cowabunga System Daily Update: Wednesday, 05/11/2016

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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

1:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value.

The entry was at the close of the candle at 1.4450 with a stop at the most recent swing low at 1.4439. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4500.

Entry: Long at 1.4450 Stop: 1.4439 Target: 1.4500

3:00am EST– Unfortunately I was stopped out of my trade. (-11 pips)

6:15am 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 1.4429 with a stop at the most recent swing low at 1.4394. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4450.

Entry: Long at 1.4429 Stop: 1.4394 Target: 1.4450

8:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.4448. (+19 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -11 +19= +8 pips R-Multiple: -1.00; 0.54

News events to watch for Thursday:

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