The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
5:30am 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 1.3288 with a stop at the most recent swing low at 1.3220. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3300.
Entry: Long at 1.3288 Stop: 1.3220 Target: 1.3300
5:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.3297. (+9 pips)
Trade Result: +9 pips R-Multiple: 0.13
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.
Here are some books if you want to get deeper into building systems & algorithms. BabyPips.com receives a small credit from any purchases through the Amazon links above to help support the free content and features of our site…enjoy!