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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 went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.3602 with a stop at the most recent swing high at 1.3618. Since I was only 2 pips away from the nearest 50 or 00 level (1.3600), I decided to go for the same amount of pips I was risking on the trade, which in this case was 16. This put my initial target at 1.3586.

Entry: Short at 1.3602 Stop: 1.3618 Target: 1.3586

2:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.3586 and set my next target for 1.3550.

2:15am EST- Unfortunately I was stopped out at my original target at 1.3586. (+16 pips)

7:30am EST– Didn’t consider this possible signal because it was close to the 8:15am EST news event.

9:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out my signal and I did not enter.

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +16 pips R-Multiple: 1.00

News events to watch for Thursday:

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