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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:

Today’s Surf

2:00am 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 1.3530 with a stop at the most recent swing low at 1.3512. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3550.

Entry: Long at 1.3530 Stop: 1.3512 Target: 1.3550

3:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.3550 and set my next target for 1.3600.

3:45am EST– Unfortunately I was stopped out at my original target at 1.3550. (+20 pips)

6:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still trending down. This cancelled out the signal and I did not enter.

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 1.3560 with a stop at the most recent swing low at 1.3541. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3600.

Entry: Long at 1.3560 Stop: 1.3541 Target: 1.3600

12:00pm EST– My target wasn’t hit by this time. Since it was 12 noon EST, I decided to manually close out my trade. I got out at 1.3597 (+27 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +20 +27= +47 pips R-Multiple: 1.11; 1.42

News events to watch for Wednesday:

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