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 BBA Mortgage Approvals
- 8:30am EST– US GDP
Today’s Surf
12:30am 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 entry.
The entry was at the close of the candle at 1.5735 with a stop at the most recent swing high at 1.5744. Since I was 35 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5700.
Entry: Short at 1.5735 Stop: 1.5744 Target: 1.5700
1:15am EST– Unfortunately I was stopped out of my trade. (-9 pips)
5:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.
Trade Result: -9 pips R-Multiple: -1.00
News events to watch for Thursday:
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Personal Spending; Core PCE 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.