Cowabunga System Daily Update: Wednesday, 07/06/2016

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

5:00am 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 1.2924 with a stop at the most recent swing high at 1.2996. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2900.

Entry: Short at 1.2924 Stop: 1.2996 Target: 1.2900

7:00am EST– Unfortunately I was stopped out of my trade. (-72 pips)

8:45am EST– Didn’t enter because it was close to the 10:00am EST news event.

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -72 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.