Cowabunga System Daily Update: 02/23/07

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Main Trend

Current Trend= Trend stayed up the entire day.

Today I only looked for long trades.

Today’s Surf

10:30 pm ET– There was a moving average crossover for a long trade. RSI>50, 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 9560 and my stop was at the most recent swing low which was at 9552. I could either go for a target at the nearest 00 level which would give me a potential 40 pip profit, or I could go for the same amount of pips I was risking which was 8. Since it’s before midnight I opt to go with the smaller target of 8 pips but planned to simply trail my stop to see I could get more since 8 pips isn’t really much of a profit, especially after you factor in the spread.

1:45 am ET– Unfortunately I am stopped out of my trade

2:00 am ET, 6:00am ET– There were moving average crossovers for long trades but in both cases, MACD was already positive and cancelled out the signal. No entry.

Trade Result: -8 pips; R-Multiple= -1

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