Cowabunga System Daily Update: Friday 09/28/07

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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

3:15am 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 2.0232 with a stop at the most recent swing low at 2.0194. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0250.

Entry: Long at 2.0232
Stop: 2.0194
Initial Target: 2.0250

4:14am ET– My target was hit. The price made a clean break of my target so I moved my s/l to 2.0250 and set my next target for 2.0300.

6:00am ET– My 2nd target was hit. Unfortunately the price did not make a clean break of this level so I took my final profit. I managed to exit at 2.0297.

Trade Result: +65 pips; R-Multiple: 1.71

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