Cowabunga System Daily Update: 05/17/07

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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

1:45 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 9776 with a stop at the most recent swing high which was at 9781. Since I was 26 pips away from the nearest 50 level I set my target at 9750.

4:30 am ET– Unfortunately I was stopped out of my trade.

6:30 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 9767 with a stop at the most recent swing high which was at 9781. Since I was only 17 pips away from the nearest 50 level, I decided to go for the same amount of pips I was risking on the trade, which was 24. This put my target at 9743.

7:15 am ET– My target is hit and I take my final profit.

Trade Result: -5 +24= +19 pips ; R-Multiple= -1.00; 1.00

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