If this is your first time visiting this blog, read this first!
Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 9:00am EST– US FHFA House Price Index
- 10:00am EST– US Existing Home Sales
Today’s Surf
2:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.4686 with a stop at the most recent swing low at 1.4669. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4700.
Entry: Long at 1.4686 Stop: 1.4669 Target: 1.4700
2:30am EST– Unfortunately I was stopped out of my trade. (-17 pips)
6:00am 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 1.4678 with a stop at the most recent swing low at 1.4641. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4700.
Entry: Long at 1.4678 Stop: 1.4641 Target: 1.4700
8:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.4700 and set my next target for 1.4750.
8:45am EST- My 2nd target wasn’t hit yet. Since news was coming out at 9:00am EST, I decided to manually exit my trade. I got out at 1.4728. (+50 pips)
Trade Result: -17 +50= +33 pips R-Multiple: -1.00; 1.35
News events to watch for Thursday:
- 8:30am EST- US Initial Claims
- 10:00am EST– US New Home Sales
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.