Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 8:30am EST– US GDP
- 9:45am EST– US Chicago PMI
- 10:00am EST– US Pending Home Sales
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)
Trade Result: -13 +42= +29 pips R-Multiple: -1.00; 2.10
News events to watch for Thursday:
- 4:30am EST– UK Manufacturing PMI
- 8:30am EST- US Unemployment Claims
- 10:00am EST– US ISM Manufacturing
For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forex Forums.