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


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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

1:30am 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 1.2228 with a stop at the most recent swing low at 1.2219. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2250.

Entry: Long at 1.2228 Stop: 1.2219 Target: 1.2250

3:30am EST– My target was hit. Price did not make a clean break, so I took my final profit. I got out at 1.2248. (+20 pips)

5:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.2288 with a stop at the most recent swing low at 1.2228. Since I was only 12 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 60 pips. This put my initial target at 1.2348.

Entry: Long at 1.2288 Stop: 1.2228 Target: 1.2348

8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.2278. (-10 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +20 -10= +10 pips R-Multiple: 2.22; -0.16

News events to watch for Wednesday:

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