Cowabunga System Daily Update: 08/10/07

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Main Trend

Current Trend= The trend remained down the entire day

Today’s Surf

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 at 2.0188 with a stop at the most recent swing high which was at 2.0229. Since I was 38 pips away from the nearest 50 level I decided to put my target at 2.0150.

Entry: 2.0188
Stop: 2.0229
Initial Target: 2.0150

7:00 am ET– My target was just nipped. Since the candle didn’t make a clean break of 2.0150, I took my final profit and exited the trade. I ended up getting out at 2.0152.

Trade Result: +36 pips; R-multiple: 0.87

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