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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

1:30am 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 1.3797 with a stop at the most recent swing low at 1.3784. Since I was only 3 pips away from the nearest 50 or 00 level (1.3800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 13. This put my initial target at 1.3810.

Entry: Long at 1.3797 Stop: 1.3784 Target: 1.3810

2:00am EST– Unfortunately I was stopped out of my trade. (-13 pips)

8:00am EST– Didn’t consider this possible signal because it was right before the 8:30am EST news event.

8:30am EST– Didn’t consider this possible signal because it was on a news candle.

10:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out my signal and I did not enter.

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: -13 pips R-Multiple: -1.00

News events to watch for Wednesday:

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