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Main Trend

Cowabunga Forex System
Cowabunga Forex System

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today:

  • None

Today’s Surf

12:30am 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 1.2838 with a stop at the most recent swing low at 1.2834. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2850.

Entry: Long at 1.2838 Stop: 1.2834 Target: 1.2850

1:00am EST– Unfortunately I was stopped out of my trade. (-4 pips)

5:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.2822 with a stop at the most recent swing low at 1.2804. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2850.

Entry: Long at 1.2822 Stop: 1.2804 Target: 1.2850

10:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.2850 and set my next target for 1.2900.

11:00am EST– Unfortunately I was stopped out of my original target at 1.2850. (+28 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: -4 +28= +24 pips R-Multiple: -1.00; 1.55

News events to watch for Thursday:

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