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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:

  • 8:15am EST– US ADP National Employment Survey
  • 8:30am EST– US Unemployment Claims
  • 10:00am EST– US ISM Non Manufacturing

Today’s Surf

1:45am 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 1.3230 with a stop at the most recent swing low at 1.3215. Since I was 20 pips away from the nearest 50 or 00 level, I put my initial target at 1.3250.

Entry: Long at 1.3230 Stop: 1.3215 Target: 1.3250

3:00am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.3248. (+18 pips)

5:45am 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 1.3247 with a stop at the most recent swing low at 1.3224. Since I was only 3 pips away from the nearest 50 or 00 level (1.3250), I decided to go for the same amount of pips I was risking on the trade, which in this case was 23 pips. This put my initial target at 1.3270

Entry: Long at 1.3247 Stop: 1.3224 Target: 1.3270

8:00am EST– My target wasn’t hit by this time. Since news was coming out at 8:15am EST, I decided to manually close my trade. I got out at 1.3267. (+20 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +18 +20= +38 pips R-Multiple: 1.20; 0.86

News events to watch for Friday:

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.
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