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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

2:00am 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 1.3358 with a stop at the most recent swing high at 1.3367. Since I was only 8 pips away from the nearest 00 or 50 level (1.3350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 9. This put my initial target at 1.3349.

Entry: Short at 1.3358 Stop: 1.3367 Target: 1.3349

3:15am EST– Unfortunately I was stopped out of my trade. (-9 pips)

6:30am 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 1.3364 with a stop at the most recent swing high at 1.3386. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3350.

Entry: Short at 1.3364 Stop: 1.3386 Target: 1.3350

7:15am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.3352. (+12 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: -9 +12= +3 pips R-Multiple: -1.00; 0.54

News events to watch for Friday:

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