Cowabunga System Daily Update: Thursday, 06/30/2016

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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

2:30am 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 my signal and I did not enter.

6:45am 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 1.3484 with a stop at the most recent swing low at 1.3429. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3500.

Entry: Long at 1.3484 Stop: 1.3429 Target: 1.3500

7:45am EST– Unfortunately I was stopped out of my trade. (-55 pips)

8:45am EST– Didn’t consider this possible signal because it was close to the 9:45am EST news event.

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -55 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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  • Juliance

    Too many red flags to take this trade the way you did.

    First of all, this is still and CLEARLY a bearish pair. Especially after Brexit.. the GBP/USD is a pair still subject to a lot of potential downside and surprises… I’d stay away from it until things stabilize a lot more than the recent news.

    Now, for this trade to have had any scalping chance at a meager 15-20 pips to the upside it should’ve been taken at around 6 – 6:30 am when the stochastics were below the mid 50 level (about to meet but before crossing) and when the MACD bar was below 0.000. The levels you suggested and recommend are way too late.

    If anything 1.3500 is right now a clear resistance level on this pair. Then 1.3450. In the future look to short there when price comes back to the area. Sorry but this is very sub-par trading