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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

1:30am 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 1.2962 with a stop at the most recent swing high at 1.2969. Since I was 12 pips away from the nearest 50 or 00 level, I decided to place my initial target at 1.2950.

Entry: Short at 1.2962 Stop: 1.2969 Target: 1.2950

3:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.2950 and set my next target for 1.2900.

4:00am EST– Unfortunately I was stopped out at my original target at 1.2950. (+12 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +12 pips R-Multiple: 1.71

News events to watch for Wednesday:

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