Cowabunga System Daily Update: 05/02/07

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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

2:15 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 1.9945 with a stop at the most recent swing low at 1.9969. Since I was 45 pips away from the nearest 00 level I decided to put my target at 1.9900.

6:45 am ET– My target is hit. Price does make a slight break of 1.9900 but I decided to go ahead and take my final profit.

Trade Result: +45 pips ; R-Multiple= 1.87

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