Cowabunga System Daily Review: 05/21/07

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today’s Surf

1:00 am ET– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle which was at 9737 with a stop at the most recent swing high which was at 9749. Since I was 37 pips away from the nearest 00 level I set my target at 9700.

5:45 am ET– My target was hit. The price did not make a clean break of my target so I took final profit at 9700.

Trade Result: +37 pips ; R-Multiple= 3.08

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