Cowabunga System Daily Update: Thursday, December 1, 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

5:00am 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 1.2545 with a stop at the most recent swing low at 1.2504. Since I was only 5 pips away from the nearest 50 or 00 level (1.2550), I decided to go for the same amount of pips I was risking on the trade, which in this case was 41 pips. This put my initial target at 1.2586.

Entry: Long at 1.2545 Stop: 1.2504 Target: 1.2586

5:30am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out right at 1.2581. (+36 pips)

Cowabunga Forex System

Cowabunga Forex System

 

Trade Result: +36 pips R-Multiple: 0.87

News events to watch for Friday:

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