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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  • bmw540i

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

  • bmw540i

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