Cowabunga System Daily Update: Thursday, 03/20/08

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :

• 5:30am EST- UK Retail Sales
• 10:00am EST- US Philadelphia Fed Index

Today's Surf

3:30am EST- 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 1.9817 with a stop at the most recent swing high at 1.9838. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9800.

Entry: Short at 1.9817
Stop: 1.9838
Initial Target: 1.9800

3:45am EST- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.9802.

10:15am EST- 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 1.9807 with a stop at the most recent swing high at 1.9838. Since I was only 7 pips away from the nearest 00 or 50 level (1.9800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 31. This put my initial target at 1.9776.

Entry: Short at 1.9807
Stop: 1.9838
Initial Target: 1.9776

12:15pm EST- Unfortunately I was stopped out of my trade.

Trade Result: +15 -31= -16 pips; R-Multiple: 0.71; -1.00

News events to watch for tomorrow :

• Holiday- Good Friday- I will not be trading tomorrow or Monday!

Have a Happy Easter Everyone! I will begin trading again on Tuesday! Cowabunga Dudes!

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