Cowabunga Forex System Daily Update: Wednesday, 07/13/2016

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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:

  • None

Today’s Surf

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)

Cowabunga Forex System

Cowabunga Forex System

 

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.
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