ATTENTION: If this is your first time visiting this blog, read this first!
Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 8:15am EST– US ADP Employment Survey
- 10:00am EST– US Wholesale Inventories
Today’s Surf
2:15am 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 1.2193 with a stop at the most recent swing high at 1.2207. Since I was 43 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2150.
Entry: Short at 1.2193 Stop: 1.2207 Target: 1.2150
5:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.2252. (+41 pips)
10:00am EST– Didn’t consider this possible signal because it was on a news candle.
Trade Result: +41 pips R-Multiple: 2.92
News events to watch for Thursday:
- 8:30am EST– US Initial Claims
For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forex Forums.
