Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 8:30am EST– US Unit Labor Costs
Today’s Surf
1:00am 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 1.2981 with a stop at the most recent swing high at 1.2990. Since I was 31 pips away from the nearest 50 or 00 level, I decided to place my initial target at 1.2950.
Entry: Short at 1.2981 Stop: 1.2990 Target: 1.2950
2:00am EST– Unfortunately I was stopped out of my trade. (-9 pips)
4:45am EST– There was a moving average crossover for a short 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 1.2998 with a stop at the most recent swing high at 1.3027. Since I was 48 pips away from the nearest 50 or 00 level, I decided to place my initial target at 1.2950.
Entry: Short at 1.2998 Stop: 1.3027 Target: 1.2950
8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.2980. (+18 pips)
Trade Result: -9 +18 pips R-Multiple: -1.00; 0.62
News events to watch for Thursday:
- 4:30am EST- UK Trade Balance
- 8:00am EST– UK GDP
- 8:30am EST– US PPI
- 10:00am EST– US Fed Dudley Speaks
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.