Cowabunga System Daily Update: 04/04/07

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Main Trend

Current Trend= The trend remained up the entire day. At 4am ET it looked like a new trend change candle formed to make a new down trend but RSI was still greater than 50 which negated the signal and kept the trend up.

Today I only looked for long trades.

Today’s Surf

3:00 am ET – 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 which was at 9756 with a stop at the most recent swing low which was at 9726. Since I was 44 pips away from the nearest 00 level, I decided to set my target for 9800.

7:00 am ET– Unfortunately I am stopped out.

10:15 am ET– 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 which was at 9752 with a stop at the most recent swing low which was at 9721. Since I was 48 pips away from the nearest 00 level, I decided to set my target for 9800.

4:00 pm ET– Unfortunately my target is not hit by this time so I manually close out my trade.

Trade Result: -30 -1= -31 pips; R-Multiple= -1.00; -0.03

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