Cowabunga System Daily Update: 04/13/07

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Main Trend

Current Trend= The trend remained up the entire day

Today I only looked for long trades.

Today’s Surf

1:30 am ET – There was a moving average crossover for a long trade. RSI was greater than 50, Stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle which was at 9833 with a stop at the most recent swing low which was at 9809. Since I was only 17 pips away from the nearest 50 level I decided to go for the same amount of pips I was risking on the trade which in this case was 24. This put my target at 9857.

2:15 am ET– My target is hit, and since the price couldn’t stay above my target, I decided to take my final profit.

9:15 am ET– There was a moving average crossover for a long trade. RSI was greater than 50, Stochastics were trending up, and MACD was negative. The only problem was that the MACD was not gaining value. It stayed flat during the signal and because of that it negated the signal and kept me out. No trade.

1:30 pm ET– There was a moving average crossover for a long trade. RSI was greater than 50, Stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle which was at 9844 with a stop at the most recent swing low which was at 9812. Since I was only 6 pips away from the nearest 50 level I decided to go for the same amount of pips I was risking on the trade which in this case was 32. This put my target at 9876.

Since my target is not hit, I close my trade out at the end of the day at 9865.

Trade Result: +24 +21= +45 pips; R-multiple= 1.00; 0.65

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