Cowabunga System Daily Update: Tuesday, 10/11/2016


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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

1:00am 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 1.2318 with a stop at the most recent swing high at 1.2327. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2300.

Entry: Short at 1.2318 Stop: 1.2327 Target: 1.2300

2:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.2300 and set my next target for 1.2250.

3:30am EST– Unfortunately I got stopped out at my original target at 1.2300. (+18 pips)

6:00am 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 1.2289 with a stop at the most recent swing high at 1.2308. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2250.

Entry: Short at 1.2289 Stop: 1.2308 Target: 1.2250

6:45am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.2353. (+36 pips)

10:00am 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 1.2269 with a stop at the most recent swing high at 1.2328. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2250.

Entry: Short at 1.2269 Stop: 1.2328 Target: 1.2250

10:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.2250 and set my next target for 1.2200.

11:30am EST– My 2nd target was hit. Price did not make a clean break so I took my final profit. I exited at 1.2208. (+61 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +18 +36 +61= +115 pips R-Multiple: 2.00; 1.89; 1.03

News events to watch for Wednesday:

  • None

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