Cowabunga System Daily Update: 07/11/07

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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 2.0265 with a stop at the most recent swing low which was at 2.0250. Since I was 35 pips away from the nearest 00 level, I decided to put my target at 2.0300.

5:45 am ET- My target was hit at 2.0300. The price made a clear break of this level so instead of closing out my trade I trailed my stop to 2.0300 and put my next target at 2.0350.

6:00 am ET- Unfortunately I was stopped out at 2.0300.

Trade Result: +35 pips; R-Multiple: 2.33

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