Cowabunga System Daily Update: 08/22/07

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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 for the rest of the day.

Today’s Surf

9:30 am ET- This was a moving average crossover for a long trade. RSI was greater than 50, stochastics was trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 9882 with a stop at the most recent swing low at 9858. Since I was 18 pips away from the nearest 00 level I decided to put my target at 9900.

Entry: Long at 9882

Stop: 9858

Initial Target: 9900

10:15 am ET- My target is hit and the candle makes a clean break. The candle ended up closing around 9905 and I took my final profit since it wasn’t a HUGE break.

Trade Result: +23 pips; R-multiple: .95

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