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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 was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.2869 with a stop at the most recent swing high at 1.2881. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2850.

Entry: Short at 1.2869 Stop: 1.2881 Target: 1.2850

2:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.2850 and set my next target at 1.2800.

2:45am EST– Unfortunately I was stopped out at my original target of 1.2850. (+19 pips)

7:45am EST– Didn’t consider this possible signal because it was close to the 8:30am EST news event.

Cowabunga Forex System
Cowabunga Forex System

Trade Result: +19 pips R-Multiple: 1.58

News events to watch for Friday:

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