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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

1:45am EST– There was a moving average crossover for a short trade. RSI was less than 50 but stochastics were trending up. This cancelled out the signal and I did not enter.

5:15am 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 1.3247 with a stop at the most recent swing high at 1.3287. Since I was 47 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3200.

Entry: Short at 1.3247 Stop: 1.3287 Target: 1.3200

7:00am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.3203. (+44 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +44 pips R-Multiple: 1.10

News events to watch for Wednesday:

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