Cowabunga System Daily Update: Thursday, 07/21/2016

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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

12:30am 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 1.3232 with a stop at the most recent swing low at 1.3212. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3250.

Entry: Long at 1.3232 Stop: 1.3212 Target: 1.3250

1:45am EST– Unfortunately I was stopped out of my trade. (-20 pips)

2:00am 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 1.3242 with a stop at the most recent swing low at 1.3210. Since I was only 8 pips away from the nearest 50 or 00 level (1.3250), I decided to go for the same amount of pips I was risking on the trade, which in this case was 32. This put my initial target at 1.3274.

Entry: Long at 1.3242 Stop: 1.3210 Target: 1.3274

4:15am EST– Unfortunately I was stopped out of my trade. (-32 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -20 -32= -52 pips R-Multiple: -1.00; -1.00

News events to watch for Friday:

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