Cowabunga System Daily Update: 09/19/07

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Main Trend

Current Trend= The trend remained up until 12pm ET. From 8am – 12pm ET a new trend change candle formed and changed the trend from up to DOWN. After 12pm ET, the trend remained down.

Today I looked for long trades until 12pm ET. After 12pm ET the trend changed to DOWN, but I rarely look for trades after 12pm ET so I finished up for the day.

Today’s Surf

12:45am 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 2.0132 with a stop at the most recent swing low at 2.0113. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0150.

Entry: Long at 2.0132

Stop: 2.0113

Initial Target: 2.0150

1:15am ET- My target was hit. The price made a clean break of my target so I moved my stop loss to 2.0150 and set my next target for 2.0200.

2:00am ET- Unfortunately I was stopped out at my initial target of 2.0150.

Trade Result: +18 pips; R-Multiple: 0.95

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