Cowabunga System Daily Update: Tuesday, 07/19/2016

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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

2:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending up and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.3211 with a stop at the most recent swing high at 1.3235. Since I was only 11 pips away from the nearest 50 or 00 level (1.3200), I decided to go for the same amount of pips I was risking on the trade, which in this case was 24. This put my initial target at 1.3187.

Entry: Short at 1.3211 Stop: 1.3235 Target: 1.3187

3:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.3187 and set my next target for 1.3150.

3:45am EST– Unfortunately I was stopped out at my original target of 1.3187 (+24 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +24 pips R-Multiple: 1.00

News events to watch for Wednesday:

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