Cowabunga System Daily Update: 05/03/07

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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

1:30 am ET– There was a moving average for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle which was at 9894 with a stop at the most recent swing low at 9906. Since I was 44 pips away from the nearest 50 level I decided to put my target at 9850.

1:45 am ET– Unfortunately I was stopped out of my trade

8:30 am ET– There was a valid short signal but because it was a news candle, I did not enter.

Trade Result: -12 pips ; R-Multiple= -1.00

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