Cowabunga System Daily Update: Wednesday, 07/27/2016

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Main Trend

Cowabunga Forex System

Cowabunga Forex System

Current Trend

The trend was UP until 4am EST. From 12am – 4am EST, a new trend change candle formed and changed the trend from up to DOWN. After 4am EST, I only looked for short trades.

Today I only looked for long trades until 4am EST. After 4am EST, I only looked for short 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 went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.3136 with a stop at the most recent swing low at 1.3109. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3150.

Entry: Long at 1.3136 Stop: 1.3109 Target: 1.3150

2:45am EST– Unfortunately I was stopped out of my trade. (-27 pips)

4:30am EST– Didn’t consider this possible signal because it was on a news event.

11:00am EST– Didn’t consider this possible signal because it was close to 12 noon EST.

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -27 pips R-Multiple: -1.00

News events to watch for Thursday:

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