Cowabunga System Daily Update: 07/30/07

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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 was positive and losing value. This was a valid entry. The entry was at the close of the candle which was at 2.0223 with a stop at the most recent swing high at 2.0224. Since I was 23 pips away from the nearest 00 level I put my starget at 2.0200.

1:00 am ET- Unfortunately I was stopped out of my trade for a loss of 21 pips.

6:15 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 2.0254 with a stop at the most recent swing high at 2.0289. Since I was only 4 pips away from the nearest 50 level at 2.0250, I decided to go for the same amount of pips I was risking which in this case was 35. This put my target at 2.0219.

4:00 pm ET- Unfortunately my target wasn’t hit by this time so I manually closed out my trade and managed to get out at 2.0249.

Trade Result: -21 +5= -16 pips; R-Multiple: -1.00, 0.14

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