Cowabunga System Daily Update: Friday, 11/09/07

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Main Trend

Daylight savings time! Because of daylight savings time, the times of the 4hr chart have changed, but the data is still the same.

Current Trend= The trend remained up until 11:00am EDT. From 7am – 11:00am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 11:00am EDT, the trend remained down the rest of the day.

Today I only looked for long trades until 11:00am EDT. After 11:00am EDT, I only looked for short trades.

Today’s Surf

4:45am EDT– 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 2.1116 with a stop at the most recent swing low at 2.1068. Since I was 34 pips away from the nearest 50 or 00 level, I put my initial target at 2.1150.

Entry: Long at 2.1116
Stop: 2.1068
Initial Target: 2.1150

5:15am EDT– My target was hit. Price did not make a clean break, so I took my final profit.

Trade Result: +34 pips; R-Multiple: 0.71

News events to watch for Monday :
  • All Day- US Holiday- Veterans Day
    • According to my rules, I do not trade on holidays, so I will be taking Monday off.

For a list of all of Monday’s news events, check out our Forex Calendar

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