Cowabunga System Daily Update: 02/22/07

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Main Trend

Current Trend= Trend stayed up in the beginning of the day. After the close of the 11pm ET candle, the trend changed to down. The trend remained down for the rest of the day. The current candle now is currently forming a trend change candle which would change the trend back to up.

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

Today’s Surf

8:45 pm ET– There was a moving average crossover for a long trade. RSI>50 (barely), Stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. Entry was at the close of the candle which was at 9533 and my stop was at the most recent swing low which was at 9514. I could either go for a target at the nearest 50 level which would give me a potential 17 pip profit, or I could go for the same amount of pips I was risking which was 19. Since the signal occurred before midnight I went with the safer route and went for the smaller target which was the nearest 50 level at 9550.

2:15 am ET– Unfortunately I am stopped out of my trade

3:00 am ET- The trend on the 4hr chart changed from up to down. From now on I was only looking for short trades.

5:15 am ET, 7:30 am ET, 9:00 am ET- At these times there was a moving average crossover for a short trade but MACD was negative which cancelled out the signal. No entry was made.

Trade Result: -19 pips; R-Multiple= -1

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