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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

3:00am 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 1.2154 with a stop at the most recent swing high at 1.2173. Since I was only 4 pips away from the nearest 50 or 00 level (1.2150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 19. This put my initial target at 1.2135.

Entry: Short at 1.2154 Stop: 1.2173 Target: 1.2135

4:15am EST– My target was hit. Since news was coming out at 4:30am EST, I decided to capture as much profit as possible and manually exited my trade. I got out at 1.2337. (+17 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +17 pips R-Multiple: 0.89

News events to watch for Thursday:

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