Cowabunga Forex System Daily Update: Tuesday, 10/04/2016


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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

2:15am 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 1.2819 with a stop at the most recent swing high at 1.2848. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2800.

Entry: Short at 1.2819 Stop: 1.2848 Target: 1.2800

2:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.2800 and set my next target for 1.2750.

4:15am EST– Unfortunately my 2nd target wasn’t hit at this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.2773. (+46 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +46 pips R-Multiple: 1.53

News events to watch for Wednesday:

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