Cowabunga System Daily Update: 07/16/07

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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 was negative and gaining value. This was a valid entry. The entry was at the close of the candle which was at 2.0359 with a stop at the most recent swing low which was at 2.0339. Since I was 41 pips away from the nearest 00 level, I decided to put my target at 2.0400.

7:15 am ET- My target was hit at 2.0400.

9:45 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 2.0386 with a stop at the most recent swing low which was at 2.0365. Since I was only 14 pips away from the nearest 00 level I decided to go for the same amount of pips I was risking which in this case was 21. This put my target at 2.0407.

10:45 am ET- Unfortunately I was stopped out.

Trade Result: +41 -21= +20 pips; R-Multiple: 2.05, -1.00

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