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 CIPS Market Manufacturing PMI
- 8:30am EST- US Initial Claims
- 10:00am EST– US ISM Manufacturing
Today’s Surf
1:45am 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 1.5129 with a stop at the most recent swing high at 1.5134. Since I was 29 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5100.
Entry: Short at 1.5129 Stop: 1.5134 Target: 1.5100
4:00am EST– Unfortunately I was stopped out of my trade. (-5 pips)
6:00am 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 1.5131 with a stop at the most recent swing high at 1.5156. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5100.
Entry: Short at 1.5131 Stop: 1.5156 Target: 1.5100
8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually close out my trade. I got out at 1.5138 (-7 pips)
Trade Result: -5 -7= -12 pips R-Multiple: -1.00; -0.28
News events to watch for Friday:
- 4:30am EST– UK CIPS Market Construction PMI
- 8:30am EST– US NFP
- 10:00am EST– US Factory Orders
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.
