Cowabunga System Daily Update: Wednesday, 09/21/2016


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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:

  • None

Today’s Surf

2:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This cancelled out the signal and I did not enter.

4:15am 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 1.2969 with a stop at the most recent swing high at 1.2991. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2950.

Entry: Short at 1.2969 Stop: 1.2991 Target: 1.2950

5:30am EST– Unfortunately I was stopped out of my trade. (-22 pips)

4:15am 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 1.2969 with a stop at the most recent swing high at 1.2991. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2950.

Entry: Short at 1.2969 Stop: 1.2991 Target: 1.2950

5:30am EST– Unfortunately I was stopped out of my trade. (-22 pips)

8:45am 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 1.2986 with a stop at the most recent swing high at 1.3011. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2950.

Entry: Short at 1.2986 Stop: 1.3011 Target: 1.3011

11:45am EST– Unfortunately my target wasn’t hit by this time. Since it was close to 12 noon EST, I decided to manually exit my trade. I got out at 1.2972. (+14 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -22 +14= -8 pips R-Multiple: -1.00; 0.56

News events to watch for Thursday:

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