Cowabunga System Daily Update: 09/10/07

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

Today’s Surf

3:45am 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 at 2.0289 with a stop at the most recent swing low at 2.0261. Since I was only 11 pips away from the nearest 00 level (2.0300) I decided to go for the same amount of pips I was risking on the trade, which in this case was 28 pips. This put my target at 2.0311.

Entry: Long at 2.0289
Stop: 2.0261
Initial Target: 2.0311

4:15am ET– My target was not hit by this time. I knew that I had a pretty strong news report coming out at 4:30am ET (GBP PPI Input Report), so I decided to close out my trade with a small loss. I exited at 2.0285 for a loss of 4 pips.

5:15am ET– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 2.0304 with a stop at the most recent swing low at 2.0269. Since I was 46 pips away from the nearest 50 or 00 level I decided to set my target at 2.0350.

Entry: Long at 2.0304
Stop: 2.0269
Initial Target: 2.0350

11:00am ET– Unfortunately I was stopped out of my trade.

Trade Result: -4 -35= -39 pips; R-Multiple: -0.14, -1.00

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