Main Trend
Current Trend
The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today:
- 9:00am EST– US S&P Case-Shiller Home Price
- 9:30am EST– Fed Mester Speaks
- 10:00am EST– US New Home Sales
Today’s Surf
1:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.3475 with a stop at the most recent swing high at 1.3484. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3450.
Entry: Short at 1.3475 Stop: 1.3484 Target: 1.3450
2:00am EST– Unfortunately I was stopped out of my trade. (-9 pips)
4:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.3478 with a stop at the most recent swing high at 1.3514. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3450.
Entry: Short at 1.3478 Stop: 1.3514 Target: 1.3450
6:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.3450 and set my next target for 1.3400.
8:45am EST– My 2nd target wasn’t hit by this time. Since news was coming out at 9:00am EST, I decided to manually exit my trade. I got out at 1.3428. (+50 pips)
9:45am EST– Didn’t consider this possible signal because it was right before the 10:00am EST news event.
Trade Result: -9 +50= +41 pips R-Multiple: -1.00; 1.38
News events to watch for Wednesday:
- 6:00am EST– UK CBI Distributive Trades Survey
- 8:30am EST– US Durable Goods
- 9:15am EST– US Fed Kashkari Speaks
- 10:00am EST– US Pending Home Sales
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.