Cowabunga System Daily Update: 08/06/07

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Main Trend

Current Trend= The trend remained up until 12pm ET. From 8am – 12pm ET a new trend change candle formed which changed the trend from up to DOWN. The trend remained down the rest of the day.

I looked for long trades until 12pm ET. After 12pm ET, I only looked for short trades.

Today’s Surf

4:15 am ET– There was a moving average crossover for a long trade. RSI was greater than 50 but stochastics were flat and MACD was negative. This cancelled out the signal and there was no trade. Even if there was a signal I wouldn’t have taken it because it was right before a major news event (GBP Industrial Production).

Entry: None

Stop: None

Initial Target: None

Trade Result: +0 pips

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