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 :
- 10:00am EST– US Wholesale Inventories
Today’s Surf
4:15am 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 1.5064 with a stop at the most recent swing high at 1.5098. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5050.
Entry: Short at 1.5064 Stop: 1.5098 Target: 1.5050
4:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.5050 and set my next target to 1.5000.
5:00am EST– Unfortunately I got stopped out at my original target at 1.5050. (+14 pips)
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 1.5059 with a stop at the most recent swing high at 1.5090. Since I was 9 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5050.
Entry: Short at 1.5059 Stop: 1.5090 Target: 1.5050
7:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.5050 and set my next target to 1.5000.
7:45am EST– Unfortunately I got stopped out at my original target at 1.5050. (+9 pips)
Trade Result: +14 +9= +23 pips R-Multiple: 0.41; 0.29
News events to watch for Wednesday:
- 5:30am EST– UK Industrial Production; Manufacturing Production
- 11:00am EST- UK NIESR GDP Est
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.
