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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:

2:15am 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 1.4035 with a stop at the most recent swing low at 1.4018. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4050.

Entry: Long at 1.4035 Stop: 1.4018 Target: 1.4050

3:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.4050 and set my next target for 1.4100.

4:15am EST– My 2nd target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to take my profits and manually exit my trade. I got out at 1.4095. (+60 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +60 pips R-Multiple: 3.52

News events to watch for Thursday:

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