Cowabunga System Daily Update: 07/31/07

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Main Trend

Current Trend= The trend remained down until 8am ET. From 4am – 8am ET, a new trend change candle formed and changed the trend from down to UP. After 8am ET, the trend remained up the rest of the day.

From midnight to 8am ET, I only looked for short trades. After 8am ET, I only looked for long trades.

Today’s Surf

11:00 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 2.0335 with a stop at the most recent swing low at 2.0284. Since I was 15 pips away from the nearest 50 level I set my target for 2.0350.

11:45 am ET- My target was hit at 2.0350 and the price made a clean break of that level. I trailed my stop to 2.0350 and tried to go for 2.0400 as my next target.

12:00 pm ET- Unfortunately I was stopped out at 2.0350.

Trade Result: +15 pips ; R-Multiple: 0.29

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  • wandido

    Do you use MACD(12,26,9)?

  • wandido

    Do you use MACD(12,26,9)?