Cowabunga System Daily Update: Tuesday, 07/26/2016

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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

2:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.3107 with a stop at the most recent swing high at 1.3124. Since I was only 7 pips away from the nearest 50 or 00 level (1.3100), I decided to go for the same amount of pips I was risking on the trade, which in this case was 17. This put my target at 1.3090.

Entry: Short at 1.3107 Stop: 1.3124 Target: 1.3090

2:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit at 1.3091. (+16 pips)

10:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.3116 with a stop at the most recent swing high at 1.3175. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3100.

Entry: Short at 1.3116 Stop: 1.3175 Target: 1.3100

10:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.3105. (+11 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +16 +11= +27 pips R-Multiple: 0.94; 0.18

News events to watch for Wednesday:

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