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 :
- 2:00am EST- UK Nationwide house prices
- 4:30am EST– UK CIPS Construction PMI
- 9:00am EST– US Treasury Full Quarterly Refunding documents released
- 10:00am EST– US ISM Non manufacturing
Today’s Surf
12:45am 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 1.6462 with a stop at the most recent swing high at 1.6470. Since I was 12 pips away from the nearest 50 or 00 level I decided to put my target at 1.6450.
Entry: Short at 1.6462 Stop: 1.6470 Target: 1.6450
1:00am EST– Unfortunately I got stopped out of my trade. (-8 pips)
2:15am 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 valid entry.
The entry was at the close of the candle at 1.6461 with a stop at the most recent swing high at 1.6482. Since I was only 11 pips away from the nearest 50 or 00 level I decided to go for the same amount of pips I was risking on the trade, which in this case was 21. This put my initial target at 1.6440.
Entry: Short at 1.6461 Stop: 1.6482 Target: 1.6440
3:00am EST– Unfortunately I was stopped out of my trade. (-21 pips)
Trade Result: -8 -21= -29 pips R-Multiple: -1.00; -1.00
News events to watch for Thursday:
- 4:30am EST– UK CIPS Services PMI
- 7:00am EST– BOE MPC Meeting Minutes
- 8:30am EST– US Initial Claims
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.
