Cowabunga System Daily Update: Tuesday, 07/12/2016

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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

8:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.3160 with a stop at the most recent swing low at 1.3118. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3200.

Entry: Long at 1.3160 Stop: 1.3118 Target: 1.3200

9:45am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to manually exit my trade. I got out at 1.3170 (+10 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +10 pips R-Multiple: 0.23

News events to watch for Wednesday:

  • None

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