Cowabunga System Daily Update: Wednesday, 09/14/2016


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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

3:45am EST– Didn’t consider this possible signal because it was right before the 4:30am EST news.

5:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD went from positive to negative, but stochastics were still positive. This cancelled out the signal and I did not enter.

6:00am 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 1.3199 with a stop at the most recent swing high at 1.3221. Since I was 49 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3150.

Entry: Short at 1.3199 Stop: 1.3221 Target: 1.3150

9:45am EST– My target was hit. Price mad a clean break so I moved my stop to 1.3150 and set my next target for 1.3100.

10:00am EST– Unfortunately I was stopped out at my original target at 1.3150. (+49 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +49 pips R-Multiple: 2.22

News events to watch for Thursday:

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