Cowabunga System Daily Update: 04/24/07

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today’s Surf

2:00 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 1.9966 with a stop at the most recent high which as at 1.9982. Since I was 16 pips away from the nearest 50 level I decided to set my target for 1.9950.

5:00 am ET- . Unfortunately I am stopped out of my trade

12:15 pm ET- There was a moving average crossover for a short trade. RSI was less than 50, Stochastics were trending down, and MACD went from positive to negative. This was a valid trade. The entry was at the close of the candle which was at 2.0010 with a stop at the most recent high which as at 2.0044. Since I was only 10 pips away from the nearest 00 level, I decided to go for the same amount of pips I was risking, which in this case was 34. This put my target at 1.9976.

4:00 pm ET - My target is not hit by this time so I manually close out my trade at 2.0014.

Trade Result: -16 -4 = -20 pips; R-Multiple= -1.00, -0.12

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  • foricks

    Hang in there, Dude. The next set of clean breakers should be rolling in any day now…Long term commercial traders are way-short on this one. Good system if we can get a good break down below 2.0000.

  • foricks

    Hang in there, Dude. The next set of clean breakers should be rolling in any day now…Long term commercial traders are way-short on this one. Good system if we can get a good break down below 2.0000.

  • pipsurfer

    Thanks for the kind words foricks! Yea the Cable is definitely moving funky right now so I know things will pick up when we start seeing some normal movements again. Rock on dude!

  • pipsurfer

    Thanks for the kind words foricks! Yea the Cable is definitely moving funky right now so I know things will pick up when we start seeing some normal movements again. Rock on dude!