Cowabunga System Daily Update: Friday 05/11/07

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Main Trend

Current Trend= The trend remained down the entire day.

Today I looked only looked for short trades.

Today’s Surf

7:30 am ET– There was a moving average crossover 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 9782 with a stop at the most recent swing high which was at 9798. Since I was 32 pips away from the nearest 50 level I decided to put my target at 9750.

8:15 am ET– Unfortunately I was stopped out of my trade.

Trade Result: -16 pips ; R-Multiple= -1.00

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