Cowabunga System Daily Update: 02/14/07

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

Main Trend

Current Trend= Trend was down until the formation of the new trend change candle, which finished forming at 3am ET.

I only looked for short trades until 3am ET. After 3am ET, I only looked for long trades

Today’s Surf

6:45 pm ET– There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This was a valid entry. Entry was at the close of the candle which was at 9454 with a stop at the most recent swing high which was at 9479. Since the entry was before midnight and because I was too close to the nearest 50 level and too far from the nearest 00 level, I decided to go for the same amount of pips I was risking. In this case I was risking 25 pips, which put my target at 9429.

11:15 pm ET– Unfortunately I am stopped out of my trade. (-25 pips)

12:00 am ET – There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This was a valid entry. Entry was at the close of the candle which was at 9463 with a stop at the most recent swing high which was at 9492. Since the entry was after midnight and because I was only 13 pips away from the nearest 50 level, I decided to again go for the same amount of pips I was risking. In this case I was risking 29 pips, which put my target at 9434.

2:00 am ET– Unfortunately I am stopped out of my trade…again! (-29 pips)

Trade Result: -23 -29= -54 pips; R-Multiple= -2.00

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