Cowabunga System Daily Update: Friday, 11/16/07

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Main Trend

Current Trend= The trend remained down the entire day.

On Friday, I only looked for short trades.

Today’s Surf

3:00am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0426 with a stop at the most recent swing high at 2.0479. Since I was 26 pips away from the nearest 50 or 00 level, I put my initial target at 2.0400.

Entry: Short at 2.0426

Stop: 2.0479

Initial Target: 2.0400

5:00am EDT– My target was hit. Price did not make a clean break so I took my final profit. I managed to exit at 2.0402.

10:30am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0440 with a stop at the most recent swing high at 2.0497. Since I was 40 pips away from the nearest 50 or 00 level, I put my initial target at 2.0400.

Entry: Short at 2.0440

Stop: 2.0497

Initial Target: 2.0400

12:15am EDT– Unfortunately I was stopped out of my trade.

Trade Result: +24 -57= -33 pips; R-Multiple: 0.49, -1.00

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  • LittleHeadThinker

    Happy Thanksgiving Surfer,
    I’m sitting by the beach in Bolsa Chica, CA looking at real surf eating a leftover Turkey sandwich. I don’t mind the loss for the 16th because I did the same thing and it is nice to know I am following the system correctly. Thanks as usual for your blog.

  • LittleHeadThinker

    Happy Thanksgiving Surfer,
    I’m sitting by the beach in Bolsa Chica, CA looking at real surf eating a leftover Turkey sandwich. I don’t mind the loss for the 16th because I did the same thing and it is nice to know I am following the system correctly. Thanks as usual for your blog.