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Main Trend

Cowabunga Forex System
Cowabunga Forex System

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today:

Today’s Surf

1:30am 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 1.2750 with a stop at the most recent swing low at 1.2735. Since I was already at a 50 or 00 level (1.2750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 15 pips. This put my initial target at 1.2765.

Entry: Long at 1.2750 Stop: 1.2735 Target: 1.2765

3:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out right at 1.2763. (+13 pips)

5:30am 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 1.2757 with a stop at the most recent swing low at 1.2742. Since I was 43 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2800.

Entry: Long at 1.2757 Stop: 1.2742 Target: 1.2800

6:45am EST– Unfortunately I was stopped out of my trade. (-15 pips)

8:30am EST– Didn’t consider this possible signal because it was on a news candle.

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +13 -15= -2 pips R-Multiple: 0.86; -1.00

News events to watch for Wednesday:

For a complete list of news events check out our Forex Economic Calendar.
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