Cowabunga System Daily Update: 09/20/07

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Main Trend

Current Trend= The trend remained down until 4am ET. From 12:00am – 4am ET, a new trend change candle formed and changed the trend from down to UP. After 4am ET, the trend remained up the rest of the day.

Today I looked for short trades until 4am ET. After 4am ET I only looked for long trades.

Today’s Surf

12:00am 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 2.0001 with a stop at the most recent swing high at 2.0022. Since I was only 1 pip away from the nearest 50 or 00 level (2.0000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 21 pips. This put my target at 1.9980.

Entry: Short at 2.0001

Stop: 2.0022

Initial Target: 1.9980

1:30am ET- My target was hit. The price did not make a clean break of my target so I took my final profit.

Trade Result: +21 pips; R-Multiple: 1.00

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  • alexserna

    hi Whats is another currency for a beginer besides eur/usd??
    Tks

  • alexserna

    hi Whats is another currency for a beginer besides eur/usd??
    Tks