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 Trade Balance ; Visible Trade Balance
Today’s Surf
3:00am 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 valid entry.
The entry was at the close of the candle at 1.6064 with a stop at the most recent swing high at 1.6083. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6050.
Entry: Short at 1.6064 Stop: 1.6083 Target: 1.6050
3:15am EST– Unfortunately I was stopped out of my trade. (-19 pips)
5:45am 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 valid entry.
The entry was at the close of the candle at 1.6056 with a stop at the most recent swing high at 1.6100. Since I was only 6 pips away from the nearest 50 or 00 level (1.6050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 44 pips. This put my initial target at 1.6012.
Entry: Short at 1.6056 Stop: 1.6100 Target: 1.6012
10:00am EST– Unfortunately I was stopped out of my trade. (-44 pips)
Trade Result: -19 -44 = -63 pips R-Multiple: -1.00; -1.00
News events to watch for Thursday:
- 4:30am EST– UK Manufacturing Production ; Industrial Production
- 7:00am EST– UK BOE MPC Interest Rate Announcement
- 8:30am EST– US Initial Claims
- 10:00am EST– UK NIESR GDP Est
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.
