Cowabunga System Daily Update: 07/10/07

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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

3:30 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 2.0146 with a stop at the most recent swing low which was at 2.0120. Since I was only 4 pips away from the nearest 50 level I decided to go for the same amount of pips I was risking which in this case was 26. This put my target at 2.0172.

4:15 am ET– I knew that the trade balance was coming out at 4:30 so I closed out my trade right before it came out. I managed to get out at 2.0160.

7:00 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 2.0155 with a stop at the most recent swing low which was at 2.0143. Since I was 45 pips away from the nearest 00 level I decided to put my target at 2.0200.

9:15 am ET– My target was hit! The price didn’t make a clean break of the 2.0200 level so I took my final profit.

Trade Result: +14 +45= +59 pips; R-Multiple: .53; 3.75

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