If this is your first time visiting this blog, read this first!
Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK BOE Net Consumer Credit; Mortgage Approvals
- 8:15am EST– US ADP Employment Survey
- 8:30am EST– US Core PCE Price Index; GDP
Today’s Surf
1:45am 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 signal. I entered at the close of the candle at 1.5753 with a stop at the most recent swing low at 1.5739. Since I was 47 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5800.
Entry: Long at 1.5753; Stop: 1.5739; Target: 1.5800
3:30am EST- Unfortunately I was stopped out of my trade. (-14 pips)
5:00am 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 signal. I entered at the close of the candle at 1.5752 with a stop at the most recent swing low at 1.5723. Since I was 48 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5800.
Entry: Long at 1.5752; Stop: 1.5723; Target: 1.5800
8:00am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:15am EST, I decided to manually exit my trade. I got out at 1.5780. (+28 pips)
10:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid signal. I entered at the close of the candle at 1.5781 with a stop at the most recent swing low at 1.5764. Since I was 19 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5800.
Entry: Long at 1.5781; Stop: 1.5764; Target: 1.5800
11:30am EST- My target was hit. Price didn’t make a clean break so I went ahead and took my final profit. I exited at 1.5798. (+17 pips)
Trade Result: -14 +28 +17= +31 pips R-Multiple: -1.00; 0.96; 1.00
News events to watch for Thursday:
- 2:00am EST– UK Nationwide House Prices
- 8:30am EST– US Initial Claims; Core PCE Index; Personal Spending; Personal Income; Employment Cost Index
- 9:45am EST– US Chicago PMI
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.
