Cowabunga System Daily Update: Wednesday, 10/18/2016


ATTENTION: If this is your first time visiting this blog, read this first!

Main Trend

Cowabunga Forex System

Cowabunga Forex System

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today:

Today’s Surf

3:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

8:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.2298 with a stop at the most recent swing low at 1.2276. Since I was only 2 pips away from the nearest 50 or 00 level (1.2300), I decided to go for the same amount of pips I was risking on the trade, which in this case was 22 pips. This put my initial target at 1.2320.

Entry: Long at 1.2298 Stop: 1.2276 Target: 1.2320

10:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.2318. (+20 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +20 pips R-Multiple: 0.90

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
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  • Hai Le Gia

    Hi, I have a question. In the original post explained the system. I saw that you also wait for RSI > 50, Stochastic heading up on 4hr time frame (long trade). Is it necessary or we just use 4hr time frame to confirm the main trend?

    Thank you. 🙂