Cowabunga System Daily Update: Tuesday, 10/26/2016


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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

12:45am 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 1.2216 with a stop at the most recent swing high at 1.2232. Since I was 16 pips away from the nearest 50 or 00 level, I decided to place my initial target at 1.2200.

Entry: Short at 1.2216 Stop: 1.2232 Target: 1.2200

1:15am EST– Unfortunately I was stopped out of my trade. (-16 pips)

2:45am 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.

4:00am 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.

7:00am 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.

7:45am 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: -16 pips R-Multiple: -1.00

News events to watch for Wednesday:

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

    Hi, at 7:15am EST I got a signal (the third to be exact) to go long instead… since the new establish main 4h trend was UP (see 4h candle at October 25, 2016 – 1:00am EST). This cadle triggered my long position later on.
    I don’t understand why you were looking for a short candle since the main trend (established at candle 1:00am EST) was UP.
    Although it is true that the very next candle, on 4h main trend, at 5:00am EST is (but only now after few hours have gone and price action has been consolidated) DOWN.
    So my question is: how come at 3:00am EST, 4:15am EST, 7:15am EST (yet before 7:45am EST, which is the time of your mentioned cancelled signal) you did not enter LONG since the main 4h trend was UP and the 15m minor trend was signaling to go long?
    Thanks