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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, 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 1.3889 with a stop at the most recent swing high at 1.3902. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3850.

Entry: Short at 1.3889 Stop: 1.3902 Target: 1.3850

1:30am EST– Unfortunately I was stopped out of my trade. (-13 pips)

2:45am 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 1.3895 with a stop at the most recent swing high at 1.3915. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3850.

Entry: Short at 1.3895 Stop: 1.3915 Target: 1.3850

6:30am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.3853. (+42 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: -13 +42= +29 pips R-Multiple: -1.00; 2.10

News events to watch for Thursday:

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