Cowabunga System Daily Update: Wednesday, 05/25/2016

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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

12:45, 2:15, 3:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

6:15am 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. This was a valid entry.

The entry was at the close of the candle at 1.4638 with a stop at the most recent swing low at 1.4612. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4650.

Entry: Long at 1.4638 Stop: 1.4612 Target: 1.4650

6:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.4650 and set my next target for 1.4700.

6:45am EST– Unfortunately I got stopped out at my initial target at 1.4650. (+12 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +12 pips R-Multiple: 0.46

News events to watch for Thursday:

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