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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

3:00am 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 1.3497 with a stop at the most recent swing high at 1.3520. Since I was 47 pips away from the nearest 50 or 00 level, I put my initial target at 1.3450.

Entry: Short at 1.3497 Stop: 1.3520 Target: 1.3450

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 1.3468. (+29 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +29 pips R-Multiple: 1.26

News events to watch for Thursday:

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