Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 8:30am EST– US Current Account
- 10:00am EST– US Existing Home Sales
Today’s Surf
2:45am 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 1.3155 with a stop at the most recent swing high at 1.3175. Since I was only 5 pips away from the nearest 50 or 00 level (1.3150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 20. This put my initial target at 1.3135.
Entry: Short at 1.3155 Stop: 1.3175 Target: 1.3135
7:30am EST– Unfortunately I was stopped out of my trade. (-20 pips)
10:45am EST– Didn’t consider this possible signal because it was too close to 12 noon EST.
Trade Result: -20 pips R-Multiple: -1.00
News events to watch for Thursday:
- 4:30am EST– UK Public Finances
- 7:00am EST– UK BOE Bank Rate
- 8:30am EST– US Philly Fed Survey
- 9:00am EST– US FHFA House Price Index
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.
