Cowabunga System Daily Update: 09/11/07

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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

4:30am 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 2.0268 with a stop at the most recent swing low at 2.0233. Since I was 32 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0300

Entry: Long at 2.0268
Stop: 2.0233
Initial Target: 2.0300

5:00am ET– My target was hit. The price did not make a clean break of 2.0300 so I took my final profit.

11:30am 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 2.0317 with a stop at the most recent swing low at 2.0284. Since I was 33 pips away from the nearest 50 or 00 level I decided to set my target at 2.0350.

Entry: Long at 2.0317
Stop: 2.0284
Initial Target: 2.0350

4:00pm ET– My target was not hit by 4pm ET, and according to my rules, this is the time I close out all my trades, whether I’m positive or negative. In this case I ended up closing with a slight gain of 5 pips by closing out at 2.0322.

Trade Result: +32 +5= +37 pips; R-Multiple: 0.91, 0.15

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