Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 4:30am EST– UK CPI
- 8:30am EST– US Retail Sales
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)
Trade Result: +12 pips R-Multiple: 1.71
News events to watch for Wednesday:
- 4:30am EST- UK Claimant Count Change
- 8:30am EST– US Housing Starts
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.