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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:

  • 8:30am EST– US Unemployment Cost
  • 9:00am EST– US S&P Case Shiller Home Price
  • 9:45am EST– US Chicago PMI
  • 10:00am EST– US Consumer Confidence

Today’s Surf

1:00am 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 1.3205 with a stop at the most recent swing low at 1.3194. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3250.

Entry: Long at 1.3205 Stop: 1.3194 Target: 1.3250

8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.3220. (+15 pips)

8:45am EST– Didnt’ consider this possible signal because it was close to a news event.

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +15 pips R-Multiple: 1.36

News events to watch for Wednesday:

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