Cowabunga System Daily Update: November 17, 2016


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Main Trend

Cowabunga Forex System

Cowabunga Forex System

Current Trend

The trend was DOWN until 7am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from down to UP. After 7am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 7am EST. After 7am EST, I only looked for long trades.

News events to watch for today:

Today’s Surf

1:00am 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 1.2419 with a stop at the most recent swing high at 1.2436. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2400.

Entry: Short at 1.2419 Stop: 1.2436 Target: 1.2400

2:30am EST– Unfortunately I was stopped out of my trade. (-17 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: -17 pips R-Multiple: -1.00

News events to watch for Friday:

  • None

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