Cowabunga System Daily Update: Tuesday, 04/29/08

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Main Trend

Current Trend= The trend remained up until 8am EST. From 4am - 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.

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

News events to watch for today :

• 10:00am EST- US Consumer Confidence

Today's Surf

12:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9904 with a stop at the most recent swing low at 1.9890. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.

Entry: Long at 1.9904
Stop: 1.9890
Initial Target: 1.9950

1:30am EST- Unfortunately I was stopped out of my trade.

10:30am 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 1.9720 with a stop at the most recent swing high at 1.9767. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.

Entry: Short at 1.9720
Stop: 1.9767
Initial Target: 1.9700

1:00pm EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9697.

Trade Result: -14 +23= +9 pips : R-Multiple: -1.00; 0.49

News events to watch for tomorrow :

• 2:00am EST- UK Nationwide Houe Prices
• 8:15am EST- US ADP Nonfarm Employment Change
• 8:30am EST- US Advance GDP

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