Cowabunga System Daily Update: Thursday, 12/06/07 and Friday, 12/07/07

If this is your first time visiting this blog, read this first!

Thursday, 12/06/07

Main Trend

Current Trend= The trend remained down the entire day.

On Thursday, I only looked for short trades.

Today’s Surf

6:30am EDT– There was a valid signal to enter short here. However, seeing as how the BOE Interest Rate Statement was about to come out at 7:00am EDT, I decided not to enter this one. This is where your individual discretion must come into play.

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 2.0250 with a stop at the most recent swing high at 2.0311. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0200.

Entry: Short at 2.0250
Stop: 2.0311
Initial Target: 2.0200

3:45pm EDT– Unfortunately my target was not hit by this time. According to my rules, I exit all trades by 4pm EDT whether or not I’m losing or winning. I managed to exit at 2.0265.

Trade Result: -15 pips; R-Multiple: -0.24

Friday, 12/07/07

Main Trend

Current Trend= The trend remained down the entire day.

On Friday, I only looked for short trades.

Today’s Surf

2:30am 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 2.0242 with a stop at the most recent swing high at 2.0265. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0200.

Entry: Short at 2.0242
Stop: 2.0265
Initial Target: 2.0200

4:00am EDT– Unfortunately I was stopped out of my trade.

9:00am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.

Trade Result: -23 pips; R-Multiple: -1.00

Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.