Cowabunga Forex System Daily Update: Wednesday, 05/18/2016

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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

3:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

6:30am 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 1.4446 with a stop at the most recent swing low at 1.4402. Since I was only 4 pips away from the nearest 50 or 00 level (1.4450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 44. This put my initial target at 1.4490.

Entry: Long at 1.4446 Stop: 1.4402 Target: 1.4490

7:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.4548. (+102 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +102 pips R-Multiple: 2.31

News events to watch for Thursday:

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