Cowabunga System Daily Update: 04/20/07

If this is your first time visiting this blog, read this first!

Main Trend

Current Trend= The trend remained up the entire day. I made a mistake on Thursday’s post saying that the trend changed from up to DOWN. The truth is, that the so called trend change candle’s RSI value was above 50 which negated it from being an actual trend change candle. This means that the trend is still up!

I only looked for long trades on Friday

Today’s Surf

2:00 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 2.0060 with a stop at the most recent low which as at 2.0017. Since I was 40 pips away from the nearest 00 level I decided to set my target for 2.0100.

4:30 am ET– Unfortunately I am stopped out of my trade.

6:00 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 2.0039 with a stop at the most recent low which as at 2.0007. Since I was only 11 pips away from the nearest 50 level I decided to go for the same amount of pips that I was risking which in this case was 32. This put my target at 2.0071.

At the end of the day my target still wasn’t hit so I manually closed my trade out at 2.0033.

Trade Result: -43 -6= -49 pips; R-Multiple= -1.00, -0.18

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