Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 6:00am EST– US NFIB Small Business Optimism Index
- 8:30am EST– US PPI
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.
Trade Result: +18 pips R-Multiple: 0.85
News events to watch for Wednesday:
- 4:30am EST– UK Trade Balance
- 7:00am EST– UK NIESR GDP
- 8:30am EST– US CPI
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.
