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 Public Borrowing
- 10:00am EST– US Existing Home Sales
Today’s Surf
2:30am 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 signal. I entered at the close of the candle at 1.5848 with a stop at the most recent swing high at 1.5863. Since I was 48 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5800.
Entry: Short at 1.5848; Stop: 1.5863; Target: 1.5800
4:15am EST- My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at1.5824. (+24 pips)
9:30am EST- I didn’t even consider this a possible entry because it was close to the 10:00am EST news event.
11:15am EST– I also didn’t consider this trade because it was close to 12 noon EST.
Trade Result: +24 pips R-Multiple: 1.60
News events to watch for Wednesday:
- 4:30am EST– UK Claimant Count Change; ILO Unemployment Rate; Average Earnings; BOE minutes; Claimant Count Rate
- 9:00am EST- US FHFA House Price Index
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.
