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Main Trend

Cowabunga Forex System
Cowabunga Forex System

Current Trend

The trend was DOWN until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from down to UP. After 8am EST, the trend stayed UP the rest of the day.

Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.

News events to watch for today:

Today’s Surf

12:45am 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 1.3129 with a stop at the most recent swing high at 1.3138. Since I was 29 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3100.

Entry: Short at 1.3129 Stop: 1.3138 Target: 1.3100

4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.3119. (+10 pips)

10:30am 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 1.3248 with a stop at the most recent swing low at 1.3223. Since I was only 2 pips away from the nearest 50 or 00 level (1.3250), I decided to go for the same amount of pips I was risking on the trade, which in this case was 25. This put my initial target at 1.3273.

Entry: Long at 1.3248 Stop: 1.3223 Target: 1.3273

11:45am EST– My target wasn’t hit by this time. Since 12 noon EST was approaching, I decided to manually exit my trade. I got out at 1.3258 (+10 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +10 +10= +20 pips R-Multiple: 1.11; 0.40

News events to watch for Thursday:

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