Cowabunga System Daily Update: 08/16/07

If this is your first time visiting this blog, read this first!

Main Trend

Current Trend= The trend remained down the entire day

Today’s Surf

1:45 am ET– This was a moving average crossover for a short trade. RSI was less than 50, stochastics was trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 9842 with a stop at the most recent swing high at 9888. Since I was 42 pips away from the nearest 00 level I decided to put my target at 9800.

Entry: Short at 9842
Stop: 9888
Initial Target: 9800

4:15 am ET– I knew that GBP Retail Sales was coming up at 4:30 so I closed out my trade during this candle. I managed to get out at 9811.

4:45 am ET– There was a moving average crossover for a short trade but stochastics was trending up so the signal was cancelled. No trade.

5:45 am ET– This was a moving average crossover for a short trade. RSI was less than 50, stochastics was trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 9820 with a stop at the most recent swing high at 9853. Since I was 20 pips away from the nearest 00 level I decided to put my target at 9800.

Entry: Short at 9820
Stop: 9853
Initial Target: 9800

6:30 am ET– My target was hit and the candle made a clean break of 9800 so I held onto my trade. By the end of the candle, the price had retraced back up by almost 30 pips so I went ahead and closed my trade. I got out at 9793.

10:15 am ET– This was a moving average crossover for a short trade. RSI was less than 50, stochastics was trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 9822 with a stop at the most recent swing high at 9875. Since I was 22 pips away from the nearest 00 level I decided to put my target at 9800.

Entry: Short at 9822
Stop: 9875
Initial Target: 9800

12:00 pm ET– My target was hit and the candle made a clean break of 9800. I held onto my trade but the candle retraced up pretty fast so I decided to exit out. I managed to close my trade at 9795.

Trade Result: +31 +27 +27= +85 pips ; R-multiple: 0.67, 0.81, 0.51

Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.