Cowabunga System Daily Update: 07/09/07

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Main Trend

Current Trend= The trend remained down until 8am ET. From 4am to 8am ET a new trend change candle formed and changed the trend from down to UP. After 8am ET, the trend remained up the remainder of the day.

Today I looked for short trades until 8am ET. After 8am ET, I only looked for long trades.

Today’s Surf

2:00 am ET- 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 which was at 2.0098 with a stop at the most recent swing high which was at 2.0114. Since I was 48 pips away from the nearest 50 level I decided to put my target at 2.0050.

3:00 am ET- Unfortunately I was stopped out.

9:30 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 2.0148 with a stop at the most recent swing low which was at 2.0136. Since I was only 2 pips away from the nearest 50 level I decided to go for the same amount of pips that I was risking which in this case was 12. This put my target at 2.0160.

9:45 am ET- My target was hit!

Trade Result: -16 +12= -4 pips; R-Multiple: -1.00; 1:00

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  • pinetree

    …and here I was getting worried…. welcome back….

  • pinetree

    …and here I was getting worried…. welcome back….

  • pinetree

    …and here I was getting worried…. welcome back….

  • pinetree

    opps too many posts in error…

  • pinetree

    …and here I was getting worried…. welcome back….

  • pinetree

    opps too many posts in error…