Cowabunga System Daily Update: Wednesday, 10/10/07

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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

12:00am 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 2.0388 with a stop at the most recent swing low at 2.0372. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0400.

Entry: Long at 2.0388
Stop: 2.0372
Initial Target: 2.0400

2:45am ET– My target is hit. Price makes a clean break of my target so I move my stop loss to 2.0400 and set my next target for 2.0450.

3:00am ET– Unfortunately I am stopped out at 2.0450

10:00am 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 2.0436 with a stop at the most recent swing low at 2.0397. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0450.

Entry: Long at 2.0436
Stop: 2.0397
Initial Target: 2.0450

4:00pm ET– My target wasn’t hit by this time so I manually closed my trade. I managed to exit at 2.0415.

Trade Result: +12 -21= -9 pips; R-Multiple: 0.75, -0.53

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