If this is your first time visiting this blog, read this first!
Main Trend
Current Trend
The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK CIPS Services PMI
- 8:30am EST– US Initial Claims
Today’s Surf
4:30am EST– There was a valid signal here but because it was a news candle I did not enter.
10:15am 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 1.5501 with a stop at the most recent swing high at 1.5552. Since I was only 1 pip away from the nearest 50 or 00 level (1.5500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 51 pips. This put my initial target at 1.5450.
Entry: Short at 1.5501 Stop: 1.5552 Target: 1.5450
11:45am EST– Unfortunately my target wasn’t hit by this time. Since it was 12 noon I decided to go ahead and exit my trade. I exited at 1.5480. (+21 pips)
Trade Result: +21 pips R-Multiple: 0.41
News events to watch for Friday:
- 8:30am EST– US Hourly Earnings ; Non Farm payrolls, Unemployment Rate
For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forex Forums.
