ATTENTION: If this is your first time visiting this blog, read this first!
Main Trend
Current Trend
The trend was DOWN until 7am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from down to UP. After 7am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 7am EST. After 7am EST, I only looked for long trades.
News events to watch for today:
- 4:30am EST– UK Retail Sales
- 8:30am EST– US CPI
Today’s Surf
1:00am 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 1.2419 with a stop at the most recent swing high at 1.2436. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2400.
Entry: Short at 1.2419 Stop: 1.2436 Target: 1.2400
2:30am EST– Unfortunately I was stopped out of my trade. (-17 pips)
Trade Result: -17 pips R-Multiple: -1.00
News events to watch for Friday:
- None
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.