Cowabunga System Daily Update: 06/19/07

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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

1:15 am 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 which was at 9844 with a stop at the most recent swing low which was at 9835. Since I was only 6 pips away from the nearest 50 level and because if I went for the same amount of pips I was risking, I would only be making a little bit of profit, I decided to go for the nearest 00 level at 9900.

4:30 am ET– Unfortunately I was stopped out of my trade.

6:15 am 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 which was at 9856 with a stop at the most recent swing low which was at 9823. Since I was 44 pips away from the nearest 00 level I decided to go for 9900.

3:45 pm ET– My target still wasn’t hit and since it was almost 4pm ET, I decided to close my out my trade. I exited at 9886.

Trade Result: -9 +30= +21 pips; R-multiple= -1.00; .90

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