Cowabunga System Daily Update: 01/29/07
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Main Trend
Current Trend= Trend remained down for the entire day.
Today I only looked for short trades.
Today's Surf
7:00 pm ET-There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This is a valid entry. Entry was at the close of the candle which was at 9582 with a stop at the most recent swing high which was at 9613. Since I was 32 pips away from a 50 level, I decided to set my initial target for 9550.
9:15 am ET- Price hits 9550. The market had come close to hitting that price a few times before that, and with limited fundamentals today, I decided that 9550 would be the final target and closed my trade.
Trade Result:+32 Pips; R-Multiple= 1.03
Related Posts:
- Cowabunga System Daily Update: 02/09/07 14:19 09 February 2007
- Cowabunga System Daily Update: 02/12/07 14:10 12 February 2007
- Cowabunga System Daily Update: 01/18/08 12:12 18 January 2008
- Cowabunga System Daily Update: 02/06/07 16:47 06 February 2007
- Cowabunga System Daily Update: 04/09/07 16:10 09 April 2007
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