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Main Trend

Cowabunga Forex System
Cowabunga Forex System

Current Trend

The trend was UP the entire day.

Today I only looked for long 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 1.2927 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)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +7 +29= +36 pips R-Multiple: 0.58; 1.38

News events to watch for Wednesday:

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