Cowabunga System Daily Update: Thursday, 06/23/2016

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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

4:45am 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 1.4781 with a stop at the most recent swing low at 1.4729. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4800.

Entry: Long at 1.4781 Stop: 1.4729 Target: 1.4800

5:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.4800 and set my next target for 1.4850

5:15am EST– My 2nd target was hit. Price made a clean break so I moved my stop to 1.4850 and set my next target for 1.4900

5:30am EST– Unfortunately I got stopped out at my 2nd target. (+69 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +69 pips R-Multiple: 1.32

News events to watch for Friday:

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