If this is your first time visiting this blog, read this first!
The trend was UP until 8am EST. From 4am to 8am EST a new trend change candle formed and changed the trend from up to DOWN. After 8am EST the trend remained DOWN the rest of the day.
Today I only looked for long trades until 8am EST. After 8am EST, I only looked for short trades.
News events to watch for today :
- 4:30am EST– UKGDP; Current Account
- 8:30am EST– US Durable Goods
5:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.
The entry was at the close of the candle at 1.5943 with a stop at the most recent swing low at 1.5902. Since I was only 7 pips away from the nearest 50 or 00 level (1.5950), I decided to go for the same amount of pips I was risking on the trade, which in this case was 41. This put my initial target at 1.5984.
Entry: Long at 1.5943 Stop: 1.5902 Target: 1.5984
7:00am EST- Unfortunately I was stopped out of my trade. (-41 pips)
Trade Result: -41 pips R-Multiple: -1.00
News events to watch for Thursday:
- 4:30am EST- BOE Mortgage Approvals; Net Consumer Credit
- 8:30am EST– US GDP; Core PCE Price Index; 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.