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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

4:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.3043 with a stop at the most recent swing low at 1.3031. Since I was only 7 pips away from the nearest 50 or 00 level (1.3050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 12 pips. This put my initial target at 1.3055.

Entry: Long at 1.3043 Stop: 1.3031 Target: 1.3055

4:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.3055 and set my next target for 1.3100.

7:15am EST– My 2nd target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.3095. (+52 pips)

10:15am 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 1.3094 with a stop at the most recent swing low at 1.3067. Since I was only 6 pips away from the nearest 50 or 00 level (1.3100), I decided to go for the same amount of pips I was risking, which in this case was 27. This put my initial target at 1.3121

Entry: Long at 1.3094 Stop: 1.3067 Target: 1.3121

11:45am EST– Unfortunately my target wasn’t hit by this time. Since 12 noon was approaching I decided to manually exit my trade. I got out at 1.3095. (+1 pip)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +52 +1= +53 pips R-Multiple: 4.33; 0.03

News events to watch for Friday:

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