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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

2:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.2454 with a stop at the most recent swing high at 1.2469. Since I was only 4 pips away from the nearest 50 or 00 level (1.2450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 15. This put my initial target at 1.2439.

Entry: Short at 1.2454 Stop: 1.2469 Target: 1.2439

4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I wanted to lock in as much profit as possible. I manually exited my trade at 1.2446. (+8 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +8 pips R-Multiple: 0.53

News events to watch for Thursday:

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