Cowabunga System Daily Update: Friday, 10/05/07

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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

9:45am 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 2.0396 with a stop at the most recent swing low at 2.0303. Since I was only 4 pips away from the nearest 50 or 00 level (2.0400), I decided to go for the same amount of pips I was risking on the trade, which in this case was 93 pips. This put my target at 2.0489.

Entry: Long at 2.0396
Stop: 2.0303
Initial Target: 2.0489

4:00pm ET– My target was not hit by this time so I exited my trade. I managed to get out at 2.0418.

Trade Result: +22 pips; R-Multiple: 0.24

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