Cowabunga System Daily Update: 04/09/07

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today’s Surf

2:15 am ET – 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 which was at 9639 with a stop at the most recent swing high which was at 9649. Since I was 39 pips away from the nearest 00 level I decided to place my target at 9600.

12:45 pm ET– My initial target at 9600 is hit and the price makes a clean break of that level. I trail my stop to 9600 and set my next target for 9550.

1:30 pm ET– Unfortunately the move was over and I was stopped out at 9600.

Trade Result: +39 pips; R-Multiple= 3.90

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