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Main Trend

Cowabunga Forex System
Cowabunga Forex System

Current Trend

The trend was DOWN until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from down to UP. After 11am EST, the trend remained UP the rest of the day.

Today I only looked for short trades until 11am EST. After 11am EST, I only looked for long trades.

News events to watch for today:

Today’s Surf

2:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.3880 with a stop at the most recent swing high at 1.3916. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3850.

Entry: Short at 1.3880 Stop: 1.3916 Target: 1.3850

3:45am EST– My target was hit. I moved my stop to 1.3850 and set my next target for 1.3800.

4:00am EST– Unfortunately I was stopped out at my original target at 1.3850. (+30 pips)

11:00am EST– Didn’t consider this possible signal because it was right before 12 noon EST.

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +30 pips R-Multiple: 0.83

News events to watch for Friday:

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