Cowabunga System Daily Update: Thursday, 10/13/2016


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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

2:00am 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 1.2174 with a stop at the most recent swing high at 1.2194. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2150.

Entry: Short at 1.2174 Stop: 1.2194 Target: 1.2150

3:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.2150 and set my next target for 1.2100.

3:15am EST– Unfortunately I was stopped out of my first target at 1.2150. (+24 pips)

10:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

10:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +24 pips R-Multiple: 1.20

News events to watch for Friday:

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