Cowabunga System Daily Update: 05/01/07

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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

1:45 am ET– There was a moving average for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle which was at 2.0005 with a stop at the most recent swing low at 1.9991. Since I was 45 pips away from the nearest 50 level I decided to put my target at 2.0050.

3:30 am ET– Unfortunately I was stopped out of my trade.

6:00 am ET– There was a moving average for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle which was at 2.0022 with a stop at the most recent swing low at 2.0000. Since I was 28 pips away from the nearest 50 level I decided to put my target at 2.0050.

7:45 am ET– My target is hit. Price doesn’t make a clean break and I take my final profit at 2.0050.

Trade Result: -14 +28= +14 pips ; R-Multiple= -1.00, 1.27

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