Cowabunga System Daily Update: 09/12/07

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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

12:00am ET– There was a moving average crossover for a long trade. RSI was greater than 50, but stochastics were trending down and MACD was already positive. No entry.

4:30am ET– There was a moving average crossover for a long trade, but it was a news candle. No entry.

6:30am ET– There was a moving average crossover for a long trade. RSI was greater than 50, but stochastics weren’t trending up. No entry.

11:15am 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 2.0315 with a stop at the most recent swing low at 2.0286. Since I was 35 pips away from the nearest 00 or 50 level I decided to put my target at 2.0350.

Entry: Long at 2.0315
Stop: 2.0286
Initial Target: 2.0350

4:00pm ET– My target wasn’t hit by this time. According to my rules, I exit my trades at this time whether I’m negative or positive. Today I took a small loss as I exited at 2.0304.

Trade Result: -11 pips; R-Multiple: -0.38

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