Cowabunga System Daily Update: 05/09/07

If this is your first time visiting this blog, read this first!

Main Trend

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

2:45 am 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 entry. The entry was at the close of the candle which was at 9892 with a stop at the most recent swing high which was at 9919. Since I was 42 pips away from the nearest 50 level, I decided to put my target at 9850.

5:30 am ET– Unfortunately I was stopped out of my trade.

8:00 am 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 entry. The entry was at the close of the candle which was at 9906 with a stop at the most recent swing high which was at 9921. Since I was only 6 pips away from the nearest 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 15. This put my target at 9891.

8:30 am ET– Unfortunately I was stopped out of my trade.

Trade Result: -27 -15= -42 pips ; R-Multiple= -1.00; -1.00

Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.