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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:

Today’s Surf

4:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.3896 with a stop at the most recent swing low at 1.3877. Since I was only 4 pips away from the nearest 50 or 00 level (1.3900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 19. This put my initial target at 1.3915.

Entry: Long at 1.3896 Stop: 1.3877 Target: 1.3915

5:15am EST– Unfortunately I was stopped out of my trade. (-19 pips)

6:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.3897 with a stop at the most recent swing low at 1.3872. Since I was only 3 pips away from the nearest 50 or 00 level (1.3900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 25. This put my initial target at 1.3922.

Entry: Long at 1.3897 Stop: 1.3872 Target: 1.3922

8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.3905 (+8 pips)

 

Trade Result: -19 +8= -9 pips R-Multiple: -1.00; 0.36

Cowabunga Forex System
Cowabunga Forex System

News events to watch for Wednesday:

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