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:
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Philly Fed Survey
- 9:00am EST– US FHFA House Price Index
- 10:00am EST– US Existing Home Sales
Today’s Surf
12:30am 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 1.3232 with a stop at the most recent swing low at 1.3212. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3250.
Entry: Long at 1.3232 Stop: 1.3212 Target: 1.3250
1:45am EST– Unfortunately I was stopped out of my trade. (-20 pips)
2:00am 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 1.3242 with a stop at the most recent swing low at 1.3210. Since I was only 8 pips away from the nearest 50 or 00 level (1.3250), I decided to go for the same amount of pips I was risking on the trade, which in this case was 32. This put my initial target at 1.3274.
Entry: Long at 1.3242 Stop: 1.3210 Target: 1.3274
4:15am EST– Unfortunately I was stopped out of my trade. (-32 pips)
Trade Result: -20 -32= -52 pips R-Multiple: -1.00; -1.00
News events to watch for Friday:
- 4:30am EST– UK CIPS Market Services PMI
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.