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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

1:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.2642 with a stop at the most recent swing high at 1.2658. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2600.

Entry: Short at 1.2642 Stop: 1.2658 Target: 1.2600

1:45am EST– Unfortunately I was stopped out of my trade. (-16 pips)

9:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already negative from the previous candle. This cancelled out my 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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