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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

1:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, MACD went from negative to positive, but stochastics were still trending down. This cancelled out the signal and I did not enter.

2:30am 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 1.4145 with a stop at the most recent swing low at 1.4124. Since I was only 5 pips away from the nearest 50 or 00 level (1.4150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 21. This put my initial target at 1.4166.

Entry: Long at 1.4145 Stop: 1.3124 Target: 1.4266

3:30am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.4163. (+18 pips)

7:30am EST– Didn’t consider this possible signal because it was close to the 8:30am EST news.

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +18 pips R-Multiple: 0.85

News events to watch for Wednesday:

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