Cowabunga System Daily Update: Tuesday, 07/05/2016

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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

12:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.3244 with a stop at the most recent swing high at 1.3258. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3200.

Entry: Short at 1.3244 Stop: 1.3258 Target: 1.3200

2:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.3200 and set my next target for 1.3150.

3:15am EST– Unfortunately I was stopped out at my original target at 1.3200. (+44 pips)

7:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.3146 with a stop at the most recent swing high at 1.3191. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3100.

Entry: Short at 1.3146 Stop: 1.3191 Target: 1.3100

8:00am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.3102. (+44 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +44 +44= +88 pips R-Multiple: 3.14; 0.97

News events to watch for Wednesday:

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