Cowabunga System Daily Update: 04/30/07

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Main Trend

Current Trend= The trend remained down until 12pm ET. From 8am ET – 12pm ET a new trend change candle formed and changed the trend from down to UP. The trend remained up for the rest of the day.

Today I looked for short trades until 12pm ET. After 12pm ET I only looked for long trades.

Today’s Surf

12:30 am ET– There was a moving average for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle which was at 9947 with a stop at the most recent swing high at 9967. Since I was 47 pips away from the nearest 00 level I decided to put my target at 9900.

4:15 am ET– My target is hit. Price doesn’t make a clean break so I take my final profit at 9900.

Trade Result: +47 pips ; R-Multiple= 1.00

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