Cowabunga System Daily Update: Friday 09/14/07

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today’s Surf

1:00am ET– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0180 with a stop at the most recent swing high at 2.0197. Since I was 30 pips away from the nearest 00 or 50 level I decided to put my target at 2.0150.

Entry: Short at 2.0180
Stop: 2.0197
Initial Target: 2.0150

1:45am ET– Unfortunately I was stopped out of my trade.

3:30am ET– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0182 with a stop at the most recent swing high at 2.0224. Since I was 32 pips away from the nearest 00 or 50 level I decided to put my target at 2.0150.

Entry: Short at 2.0182
Stop: 2.0224
Initial Target: 2.0150

6:00am ET– My target was hit. The price made a clean break of my target at 2.0150 so I decided to trail my stop to this level and go for 2.0100.

6:15am ET– Unfortunately I was stopped out at my initial target at 2.0150.

Trade Result: -17 +32= +15pips; R-Multiple: -1.00, 0.76

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