Main Trend
Current Trend
The trend was DOWN until the entire day today.
Today I only looked for short trades.
News events to watch for today:
- 8:15am EST– US ADP National Employment Survey
- 10:00am EST– US Pending Home Sales
Today’s Surf
1:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.3086 with a stop at the most recent swing high at 1.3097. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3050.
Entry: Short at 1.3086 Stop: 1.3097 Target: 1.3050
3:30am EST– Unfortunately I was stopped out of my trade. (-11 pips)
6:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.3085 with a stop at the most recent swing high at 1.3120. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3050.
Entry: Short at 1.3085 Stop: 1.3120 Target: 1.3050
8:00am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:15am EST, I decided to manually exit my trade. I got out at 1.3082. (+3 pips)
Trade Result: -11 +3= -8 pips R-Multiple: -1.00; 0.08
News events to watch for Thursday:
- 8:30am EST– US Unemployment Claims
- 9:45am EST– US Chicago PMI
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.