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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:

Today’s Surf

1:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.3148 with a stop at the most recent swing low at 1.3136. Since I was only 2 pips away from the nearest 50 or 00 level (1.3150), I decided to go for the same amount of pips I was risking, which in this case was 12. This put my initial target at 1.3160.

Entry: Long at 1.3148 Stop: 1.3136 Target: 1.3160

2:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.3160 and set my next target at 1.3200.

2:45am EST– Unfortunately I was stopped out at my original target at 1.3160. (+12 pips)

4:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.3160 with a stop at the most recent swing low at 1.3139. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3200.

Entry: Long at 1.3160 Stop: 1.3139 Target: 1.3200

9:45am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST, I manually exited my trade and tried to get as many pips as possible. I got out at 1.3170. (+10 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: +12 +10= +22 pips R-Multiple: 1.00; 0.47

News events to watch for Thursday:

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