Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 4:30am EST– UK Services PMI
- 8:00am EST– US Fed Brainard Speaks
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 1.2927 with a stop at the most recent swing high at 1.2939. Since I was 27 pips away from the nearest 50 or 00 level, I decided to place my initial target at 1.2900.
Entry: Short at 1.2927 Stop: 1.2939 Target: 1.2900
4:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming up at 4:30am EST, I decided to manually exit my trade. I got out at 1.2920. (+7 pips)
5:15am 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 1.2928 with a stop at the most recent swing low at 1.2907. Since I was 22 pips away from the nearest 50 or 00 level, I decided to place my initial target at 1.2950.
Entry: Long at 1.2928 Stop: 1.2907 Target: 1.2950
6:15am EST– My target was hit. Since price made a clean break, I moved my stop to 1.2950 and set my next target for 1.3000.
7:45am EST- Unfortunately my 2nd target wasn’t by this time. Since news was coming out at 8:00am EST, I decided to manually exit my trade. I got out at 1.2957. (+29 pips)
Trade Result: +7 +29= +36 pips R-Multiple: 0.58; 1.38
News events to watch for Wednesday:
- 8:30am EST– US Trade Balance
- 10:00am EST– US ISM Non Manufacturing
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.