Cowabunga System Daily Update: Thursday, 06/02/2016

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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 went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.4421 with a stop at the most recent swing high at 1.4442. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4400.

Entry: Short at 1.4421 Stop: 1.4442 Target: 1.4400

2:45am EST– Unfortunately I was stopped out of my trade. (-21 pips)

3:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative. This cancelled out the signal and I did not enter.

4:15am EST- Didn’t consider this possible signal because it was right before the 4:30am EST news.

6:00, 6:30, 9:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative. This cancelled out the signal and I did not enter.

11:00am EST- Didn’t consider this possible signal because it was right before 12 noon EST.

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -21 pips R-Multiple: -1.00

News events to watch for Friday:

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