Cowabunga System Daily Update: 07/27/07

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Main Trend

Current Trend= The trend remained down the entire day

Today I only looked for short trades.

Today’s Surf

12:15 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 2.0465 with a stop at the most recent swing high at 2.0491. Since I was 15 pips away from the nearest 50 level I put my starget at 2.0450.

1:30 am ET- My target was hit and the price made a clean break so I moved my stop to 2.0450 and set my 2nd target at 2.0400.

2:00 am ET- My 2nd target was hit at 2.0400 and the price made another clean break so I trailed my stop to 2.0400 and set my third target for 2.0350.

2:15 am ET- Unfortunately I was stopped out at 2.0400 for a total pip gain of +65.

Trade Result: +65 pips; R-Multiple: 2.50

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