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Main Trend

Cowabunga Forex System
Cowabunga Forex System

Current Trend

The trend was down the entire day.

Today I only looked for short trades.

News events to watch for today:

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.

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: -9 +50= +41 pips R-Multiple: -1.00; 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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