Cowabunga System Daily Update: 09/06/2016


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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:

  • 10:00am EST– US ISM Non Manufacturing

Today’s Surf

5:45am 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 1.3338 with a stop at the most recent swing low at 1.3321. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3350.

Entry: Long at 1.3338 Stop: 1.3321 Target: 1.3350

7:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.3350 and set my next target for 1.3400.

8:00am EST– Unfortunately I was stopped out at my original target. (+12 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +12 pips R-Multiple: 0.70

News events to watch for Wednesday:

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