Cowabunga System Daily Update: 01/03/08

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Main Trend

trend2

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today’s Surf

1:00am 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 1.9810 with a stop at the most recent swing high at 1.9836. Since I was only 10 pips away from the nearest 50 or 00 level (1.9800) I decided to go for the same amount of pips I was risking on the trade which in this case was 26. This put my target at 1.9784.

Entry: Short at 1.9810

Stop: 1.9836

Initial Target: 1.9784

3:15am EDT- My target was hit. Price did not make a clean break of my target so I took my final profit. I was able to get out at 1.9784.

8:45am 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 1.9751 with a stop at the most recent swing high at 1.9826. Since I was only 1 pip away from the nearest 50 or 00 level (1.9750) I decided to go for the same amount of pips I was risking on the trade which in this case was 75. This put my target at 1.9676.

Entry: Short at 1.9751

Stop: 1.9826

Initial Target: 1.9676

4:00pm ET- Unfortunately my target was not hit by this time. According to my rules I exit all trades at this time whether I’m up or down. I managed to get out at 1.9733 for an 18 pip gain.

entry2

Trade Result: +26 +18= +44 pips; R-Multiple: 1.00, 0.24

News events to watch for tomorrow :
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