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 :
- 8:30am EST– US Retail Sales
- 10:00am EST– US Business Inventories
Today’s Surf
2:15am 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 1.5177 with a stop at the most recent swing low at 1.5145. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5200.
Entry: Long at 1.5177 Stop: 1.5145 Target: 1.5200
2:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.5200 and set my next target for 1.5250.
3:00am EST– Unfortunately I was stopped out of my original target at 1.5200. (+23 pips)
5:15am 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 entry.
The entry was at the close of the candle at 1.5192 with a stop at the most recent swing low at 1.5149. Since I was only 8 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 43. This put my target at 1.5235.
Entry: Long at 1.5192 Stop: 1.5149 Target: 1.5235
8:15am EST– Unfortunately my target was not hit by this time. SInce news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.5200. (+8 pips)
Trade Result: +23 +8= +31 pips R-Multiple: 0.71; 0.18
News events to watch for Thursday:
- 8:30am EST– US PPI; Initial Claims
- 10:00am EST– US Philly Fed Survey
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.
