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Main Trend

Cowabunga Forex System
Cowabunga Forex System

Current Trend

The trend was UP until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from up to DOWN. After 11am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 11am EST. After 11am EST, 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 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 1.2675 with a stop at the most recent swing low at 1.2658. Since I was 25 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2700.

Entry: Long at 1.2675 Stop: 1.2658 Target: 1.2700

3:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.2697. (+22 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +22 pips R-Multiple: 1.29

News events to watch for Friday:

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