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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

1:45am EST– There was a moving average crossover for a long 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 1.2848 with a stop at the most recent swing high at 1.2856. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2800.

Entry: Short at 1.2848 Stop: 1.2856 Target: 1.2800

4:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.2830. (+18 pips)

9:45am EST– There was a moving average crossover for a long 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 1.2861 with a stop at the most recent swing high at 1.2907. Since I was 11 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2850.

Entry: Short at 1.2861 Stop: 1.2907 Target: 1.2850

11:45am EST– Unfortunately my target wasn’t hit by this time. Since 12 noon EST was approaching, I decided to manually exit my trade. I got out at 1.2886. (-25 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +18 -25= -7 pips R-Multiple: 2.25; -0.54

News events to watch for Thursday:

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