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 :
- None
Today’s Surf
12:15; 1:15 am 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.
5:30am 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 1.4429 with a stop at the most recent swing high at 1.4474. Since I was 29 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4400.
Entry: Short at 1.4429 Stop: 1.4474 Target: 1.4400
6:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.4400 and set my next target for 1.4350.
7:15am EST– Unfortunately I was stopped out at my original target at 1.4400. (+29 pips)
9:00am 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 1.4412 with a stop at the most recent swing high at 1.4428. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4400.
Entry: Short at 1.4412 Stop: 1.4428 Target: 1.4400
10:00am EST– Unfortunately I was stopped out of my trade. (-16 pips)
Trade Result: +29 -16= +13 pips R-Multiple: 0.64; -1.00
News events to watch for Thursday:
- 7:00am EST– UK BOE MPC Base Rate
- 8:30am EST– US Initial Claims
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.
