Cowabunga System Daily Update: Friday, 09/21/07

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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

12:45am 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 2.0111 with a stop at the most recent swing low at 2.0087. Since I was 39 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0150.

Entry: Long at 2.0111
Stop: 2.0087
Initial Target: 2.0150

3:00am ET– Unfortunately I was stopped out of my trade.

3:45am 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 2.0129 with a stop at the most recent swing low at 2.0078. Since I was 21 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0150.

Entry: Long at 2.0129
Stop: 2.0078
Initial Target: 2.0150

4:15am 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 +21= -3 pips; R-Multiple: -1.00, 0.41

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