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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

1:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending dowm and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.3072 with a stop at the most recent swing high at 1.3082. Since I was 22 pips away from the nearest 50 or 00 level, I put my initial target at 1.3050.

Entry: Short at 1.3072 Stop: 1.3082 Target: 1.3050

2:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.3050 and set my next target to 1.3000.

2:30am EST– Unfortunately I was stopped out of my original target at 1.3050. (+22 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +22 pips R-Multiple: 2.20

News events to watch for Friday:

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