Cowabunga System Daily Update: Wednesday, 06/08/2016

If this is your first time visiting this blog, read this first!

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

5:45am 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. This was a valid entry.

The entry was at the close of the candle at 1.4543 with a stop at the most recent swing low at 1.4499. Since I was only 7 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 44 pips. This put my initial target at 1.4587.

Entry: Long at 1.4543 Stop: 1.4499 Target: 1.4587

7:45am EST– My target was hit. Price made a clean break so I set my target at 1.4587 and set my next target for 1.4600.

8:00am EST– Unfortunately I was stopped out at my initial target at 1.4587. (+44 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +44 pips R-Multiple: 1.00

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forex Forums.