Cowabunga System Daily Update: Monday, 04/14/08

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Main Trend

Current Trend= The trend remained down until 8am EST. From 4am - 8am EST, a new trend change candle formed and changed the trend from down to UP. After 8am EST, I only looked for long trades.

Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.

News events to watch for today :

• 4:30am EST- UK PPI Input
• 8:30am EST- US Retail Sales

Today's Surf

1:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9693 with a stop at the most recent swing high at 1.9720. Since I was 43 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.

Entry: Short at 1.9693
Stop: 1.9720
Initial Target: 1.9650

2:15am EST- Unfortunately I was stopped out of my trade.

3:30am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9703 with a stop at the most recent swing high at 1.9742. Since I was only 3 pips away from the nearest 50 or 00 level (1.9700), I decided to go for the same amount of pips I was risking on the trade, which in this case was 39. This put my initial target at 1.9664.

Entry: Short at 1.9703
Stop: 1.9742
Initial Target: 1.9664

4:15am EST- Unfortunately I was stopped out of my trade.

Trade Result: -27 -39= -66 pips: R-Multiple: -1.00; -1.00

News events to watch for tomorrow :

• 4:30am EST- UK CPI
• 8:30am EST- US PPI, Empire State Index
• 9:00am EST- US TIC Data

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