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Main Trend

Cowabunga Forex System
Cowabunga Forex System

Current Trend

The trend was DOWN the entire day.

Today I only looked for short trades.

News events to watch for today:

Today’s Surf

2:45am 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 1.2542 with a stop at the most recent swing high at 1.2566. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2500.

Entry: Short at 1.2542 Stop: 1.2566 Target: 1.2500

4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I tried to grab as many pips as possible and manually exited my trade. I got out at 1.2515. (+27 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +27 pips R-Multiple: 1.12

News events to watch for Friday:

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