Cowabunga System Daily Update: 06/20/07

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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

1:30 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 9883 with a stop at the most recent swing low which was at 9869. Since I was 17 pips away from the nearest 00 level I decided to put my target at 9900.

4:15 am ET– I knew that the BOE minutes were coming out at 4:30. Normally I close out my trades before news but the price had gotten to 9872 which was only 3 more pips from my stop. Instead of closing my trade out, I decided to go ahead and risk those 3 pips and see if the price would turn my way. Now if I was only down a few pips right before the news, I probably would’ve closed my trade out.

4:30 am ET– The BOE minutes are released and fortunately enough for me, the price turned sharply in my direction and hit my target.

Trade Result: +17 pips; R-multiple= 1.21

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