Cowabunga Forex System Daily Update: Tuesday, 11/01/2016


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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

12:15, 1:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still trending down. This cancelled out the signal and I did not enter.

3:30am 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 1.2237 with a stop at the most recent swing low at 1.2215. Since I was 13 pips away from the nearest 50 or 00 level, I decided to place my initial target at 1.2250.

Entry: Long at 1.2237 Stop: 1.2215 Target: 1.2250

3:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.2250 and set my next target for 1.2300.

4:45am EST– Unfortunately I was stopped out at my original target of 1.2250. (+13 pips)

11:00am EST– Didn’t consider this possible signal because it was close to 12noon EST.

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +15 pips R-Multiple: 0.59

News events to watch for Wednesday:

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