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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

1:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

7:15am 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 1.2666 with a stop at the most recent swing low at 1.2634. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2700.

Entry: Long at 1.2666 Stop: 1.2634 Target: 1.2700

8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I tried to grab as many pips as possible and manually exited my trade. I got out at 1.2694. (+28 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +28 pips R-Multiple: 0.87

News events to watch for Thursday:

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