If this is your first time visiting this blog, read this first!
Main Trend
Current Trend
The trend was UP until 4am EST. From 12am – 4am EST, a new trend change candle formed and changed the trend from up to DOWN. After 4am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 4am EST. After 4am EST, I only looked for short trades.
News events to watch for today:
- 4:30am EST- UK Retail Sales
- 7:00am EST– BOE MPC Base Rate
- 8:30am EST– US CPI
- 10:00am EST– US NAHB Builders Survey
Today’s Surf
12:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.
The entry was at the close of the candle at 1.4188 with a stop at the most recent swing low at 1.4181. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4200.
Entry: Long at 1.4188 Stop: 1.4181 Target: 1.4200
12:30am EST– Unfortunately I was stopped out of my trade. (-7 pips)
5:45am 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 1.4157 with a stop at the most recent swing high at 1.4203. Since I was only 7 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 46. This put my initial target at
Entry: Short at 1.4157 Stop: 1.4203 Target: 1.4111
6:45am EST– My target wasn’t hit by this time. Since news was coming out at 7am EST, I decided to manually exit my trade. I got out at 1.4121 (+36 pips)
Trade Result: -7 +36= +29 pips R-Multiple: -1.00; 0.78
News events to watch for Friday:
- 8:30am EST– US Building Permits
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.
Here are some books if you want to get deeper into building systems & algorithms. BabyPips.com receives a small credit from any purchases through the Amazon links above to help support the free content and features of our site…enjoy!
