Cowabunga System Daily Update: 09/18/07

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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

1:45am 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 1.9890 with a stop at the most recent swing high at 1.9914. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9850.

Entry: Short at 1.9890
Stop:1.9914
Initial Target:1.9850

2:00am ET– Unfortunately I was stopped out of my trade.

5:45am ET– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9928 with a stop at the most recent swing high at 1.9982. Since I was 28 pips away from the nearest 00 or 50 level I decided to put my target at 1.9900.

Entry: Short at 1.9928
Stop:1.9982
Initial Target:1.9900

7:00am ET– My target was hit. The price did not make a clean break of my target so I took my final profit.

Trade Result: -24 +28 = +4 pips; R-Multiple: -1.00, 0.52

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