Cowabunga System Daily Update: 04/23/07

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Main Trend

Current Trend= The trend remained down the entire day.

I only looked for short trades on Friday

Today’s Surf

1:30 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 trade. The entry was at the close of the candle which was at 2.0028 with a stop at the most recent high which as at 2.0037. Since I was 28 pips away from the nearest 00 level I decided to set my target for 2.0000.

2:30 am ET– My target is hit at 2.0000 and the price made a clean break of that level. Instead of taking my final profit, I moved my stop to 2.0000 and set my next target for 1.9950.

3:15 am ET– . Unfortunately I am stopped out at 2.0000

7:45 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 trade. The entry was at the close of the candle which was at 1.9997 with a stop at the most recent high which as at 2.0011. Since I was 47 pips away from the nearest 50 level I decided to set my target for 1.9950.

11:00 am ET– Unfortunately I am stopped out of my trade.

Trade Result: +28 -14 = +14 pips; R-Multiple= 3.11, -1.00

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