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 CPI
- 8:30am EST– US CPI
- 10:00am EST– US NAHB Builders Survey
Today’s Surf
1:30, 2:15, 2:45am 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.
5:45am 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 1.5135 with a stop at the most recent swing high at 1.5168. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5100.
Entry: Short at 1.5135 Stop: 1.5168 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 1.5154 (-19 pips)
Trade Result: -19 pips R-Multiple: -0.57
News events to watch for Wednesday:
- 4:30am EST– UK Claimant Count Rate
- 8:30am EST– US Housing Starts
- 9:15am EST– US Industrial Production
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.
