Cowabunga System Daily Update: Tuesday, 08/30/2016

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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

12:45am 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 1.3084 with a stop at the most recent swing high at 1.3092. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3050.

Entry: Short at 1.3084 Stop: 1.3092 Target: 1.3050

3:45am EST– Unfortunately I was stopped out of my trade. (-8 pips)

4:45am EST- Didn’t consider this possible signal because it was close to the 5:30am EST news.

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: -8 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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  • Kohalagolf

    Love the write up. As a newbie I try to learn and practice different approaches. Thanks for sharing that not every trade can be a winner.