Cowabunga System Daily Update: Wednesday, 10/05/2016


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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

12:15am 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 1.2732 with a stop at the most recent swing high at 1.2746. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2700.

Entry: Short at 1.2732 Stop: 1.2746 Target: 1.2700

2:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.2703. (+29 pips)

5:45am 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 1.2716 with a stop at the most recent swing high at 1.2742. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2700.

Entry: Short at 1.2716 Stop: 1.2742 Target: 1.2700

8:00am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:15am EST, I decided to manually exit my trade. I got out at 1.2721 (-5 pips).

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +29 -5= +24 pips R-Multiple: 2.07; -0.19

News events to watch for Thursday:

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