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
12:15am 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.
The entry was at the close of the candle at 1.4255 with a stop at the most recent swing high at 1.4269. Since I was only 5 pips away from the nearest 50 or 00 level (1.4250), I decided to go for the same amount of pips I was risking on the trade, which in this case was 14. This put my initial target at 1.4241.
Entry: Short at 1.4255 Stop: 1.4269 Target: 1.4241
2:00am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4242. (+13 pips)
Trade Result: +13 pips R-Multiple: 0.92
News events to watch for Thursday:
- 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.