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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

1:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This cancelled out the signal and I did not enter.

4:15am 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 1.3965 with a stop at the most recent swing high at 1.3996. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3950.

Entry: Short at 1.3965 Stop: 1.3996 Target: 1.3950

4:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.3952 (+13 pips)

6:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative 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: 0.41

News events to watch for Wednesday:

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