ATTENTION: If this is your first time visiting this blog, read this first!
Main Trend
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
12:45am 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 1.2949 with a stop at the most recent swing low at 1.2940. Since I was only 1 pip away from the nearest 50 or 00 level, I go for the same amount of pips I was risking on the trade which in this case was 9 pips. This put my initial target at 1.2959.
Entry: Long at 1.2949 Stop: 1.2940 Target: 1.2959
2:00am EST– My target was hit. Price made a didn’t make a clean break so I took my final profit. I got out at 1.2958 (+8 pips)
8:00am 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 1.2955 with a stop at the most recent swing low at 1.2945. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3000.
Entry: Long at 1.2955 Stop: 1.2945 Target: 1.3000
9:30am EST– Unfortunately I was stopped out of my trade. (-10 pips)
Trade Result: +8 -10= -2 pips R-Multiple: 0.88; -1.00
News events to watch for Thursday:
- 4:30am EST– UK Trade Balance
- 7:00am EST– UK BOE MPC Minutes
- 8:30am EST– US PPI
- 8:45am EST– US Bloomberg May Economic Survey
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.