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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

1:45am 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 1.2958 with a stop at the most recent swing low at 1.2949. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3000.

Entry: Long at 1.2958 Stop: 1.2949 Target: 1.3000

5:15am EST– Unfortunately I was stopped out of my trade. (-9 pips)

10:45am 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 1.2946 with a stop at the most recent swing low at 1.2906. Since I was only 4 pips away from the nearest 50 or 00 level (1.2950), I decided to go for the same amount of pips I was risking on the trade, which in this case was 40. This put my initial target at 1.2986.

Entry: Long at 1.2946 Stop: 1.2906 Target: 1.2986

11:45am EST– Unfortunately my target wasn’t hit by this time. Since 12 noon EST was fast approaching I decided to manually exit my trade. I got out at 1.2936. (-10 pips)

Cowabunga Forex System
Cowabunga Forex System

 

Trade Result: -9 -10= -19 pips R-Multiple: -1.00; -0.25

News events to watch for Friday:

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