Cowabunga System Daily Review: 09/06/07

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

Today’s Surf

2:30am ET- 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 2.0214 with a stop at the most recent swing low at 2.0185. Since I was 36 pips away from the nearest 50 level, I decided to put my target at 2.0250.

Entry: Long at 2.0214

Stop: 2.0185

Initial Target: 2.0250

3:30am ET- My target was hit. The price did NOT make a clean break of the 2.0250 level so I took my final profit.

10:30am ET- 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 2.0195 with a stop at the most recent swing low at 2.0139. Since I was only 5 pips away from the nearest 00 level (2.0200), I decided to go for the same amount of pips I was risking, which in this case was 56 pips. This put my target at 2.0251.

Entry: Long at 2.0195

Stop: 2.0139

Initial Target: 2.0251

11:15am ET- My target was hit. The price did NOT make a clean break of my 2.0251 target so I took my final profit.

Trade Result: +36 +56= +92 pips; R-Multiple: 1.24, 1.00

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  • dannybly

    totally rad, dude – 2 waves in one day!!!

  • dannybly

    totally rad, dude – 2 waves in one day!!!