Cowabunga System Daily Update: Tuesday, 06/14/2016

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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

3:00am 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 1.4492 with a stop at the most recent swing high at 1.4526. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4450.

Entry: Short at 1.4492 Stop: 1.4526 Target: 1.4450

3:45am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.4452. (+40 pips)

7:45am EST– No entry close to the 8:30am EST news event.

10:00am EST– No entry on the news candle.

11:45am EST– No entry right before 12 noon EST.

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +0 pips R-Multiple: N/A

News events to watch for Wednesday:

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

    Hi,

    Can you clarify an apparent discrepancy between the prices mentioned in the text (“Entry: Short at 1.4492 Stop: 1.4526 Target: 1.4450”) and corresponding prices on the GPUSD chart (e.g., “3:45am EST– My target was hit.”)

    Thanks
    B.

    BTW, thanks for sharing. I’m forward testing your system on paper to get a feel for it and have tweaked the old Cowabunga indicator potentially to support a new (yet another?) Cowabunga EA for MT4.

  • Traider

    Hi Brian,

    Dude accidentally mixed it up. That was a trade from the last weeks Wednesday session. Not sure why he didn’t correct himself though

    • Brian Nichols

      Thanks Traider–clear now.