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 :
- 6:00am EST– UK CBI Distributive Trades
- 10:00am EST– US New Home Sales
Today’s Surf
7:15am 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 1.6167 with a stop at the most recent swing high at 1.6202. Since I was 17 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.
Entry: Short at 1.6167 Stop: 1.6202 Target: 1.6150
8:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6152. (+15 pips)
10:45am 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 1.6144 with a stop at the most recent swing high at 1.6176. Since I was 44 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6100.
Entry: Short at 1.6144 Stop: 1.6167 Target: 1.6100
11:45am EST– My target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to go ahead and close out my trade. I exited at 1.6140. (+4 pips)
Trade Result: +15 +4= +19 pips R-Multiple: 0.42; 0.17
News events to watch for Thursday:
- 4:30am EST– UK Current Account; GDP
- 8:30am EST– US Initial Claims; Core PCE; GDP; Durable Goods
- 10:00am EST– US Pending Home Sales
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.
