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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

3:00am 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.

9:00am 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 1.3868 with a stop at the most recent swing low at 1.3853. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3900.

Entry: Long at 1.3868 Stop: 1.3853 Target: 1.3900

11:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.3900 and set my next target for 1.3950.

11:30am EST– Unfortunately I was stopped out at my original target at 1.3900. (+32 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +32 pips R-Multiple: 2.13

News events to watch for Friday:

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