Cowabunga System Daily Update: 04/17/07

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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

1:00 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 trade. The entry was at the close of the candle which was at 9899 with a stop at the most recent low which was at 9892. Since I was only 1 pip from the 00 level, I decided to set my target for the nearest 50 level at 9950.

4:30 am ET- The Cable skyrocketed through my first target at 9950 and continued to soar. Obviously I held onto my trade and set my next target for the almighty 2000 level. The price managed to peak above 2000 but unfortunately it could not sustain the momentum and I ended up getting taken out at 2000. Even though I missed the rest of the rally, I was still able to manage a very nice gain on this trade.

Trade Result: +101 pips; R-multiple= 14.43

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2 comments

  1. bmw540i

    Based on the given criteria for the 4h chart, what actually determines the direction of the trend. Thanks

    Reply
  2. bmw540i

    Based on the given criteria for the 4h chart, what actually determines the direction of the trend. Thanks

    Reply

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