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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:

Today’s Surf

3:45am EST– Didn’t consider this possible signal because it was before the 4:30am EST news.

6:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

10:30am 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 1.3050 with a stop at the most recent swing low at 1.3031. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3100.

Entry: Long at 1.3050 Stop: 1.3031 Target: 1.3100

11:45am EST– My target wasn’t hit by this time. Since it was about to be 12 noon EST, I decided to manually exit my trade. I got out at 1.3055. (+5 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +5 pips R-Multiple: 0.26

News events to watch for Thursday:

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