Cowabunga System Daily Update: 05/14/07

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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

12:15 pm 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 9797 with a stop at the most recent swing high which was at 9816. I was 47 pips away from the nearest 50 level at 9750 but because the signal came late in the day I decided to go for the same amount of pips I was risking on the trade which in this case was 19. Also the pair was facing support at its 50 EMA on the daily chart which also gave me good reason to narrow my target range. This put my target at 9778.

2:45 pm ET– My target is hit!

Trade Result: +19 pips ; R-Multiple= 1.00

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