Cowabunga System Daily Update: Wednesday, 08/31/2016

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Main Trend

Cowabunga Forex System

Cowabunga Forex System

Current Trend

The trend was DOWN the until 8am EST. From 4am – 8am EST, a new trend changed formed and changed the trend from down to UP. After 8am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.

News events to watch for today:

Today’s Surf

1:15am 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 1.3095 with a stop at the most recent swing high at 1.3116. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3050.

Entry: Short at 1.3095 Stop: 1.3116 Target: 1.3050

4:00am EST– Unfortunately I was stopped out of my trade. (-21 pips)

10:30am 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 1.3124 with a stop at the most recent swing low at 1.3074. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3150.

Entry: Long at 1.3124 Stop: 1.3074 Target: 1.3150

11:45am EST– Unfortunately my target wasn’t hit by this time. Since it was getting close to 12 noon EST, I decided to manually exit my trade. I got out at 1.3134. (+10 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -21 + 10= -11 pips R-Multiple: -1.00; 0.20

News events to watch for Thursday:

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