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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

6:30am 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 1.3473 with a stop at the most recent swing high at 1.3497. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3450.

Entry: Short at 1.3473 Stop: 1.3497 Target: 1.3450

8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to cut my losses and manually exit my trade. I got out at 1.3487. (-14 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: -14 pips R-Multiple: -0.58

News events to watch for Friday:

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