Cowabunga System Daily Update: Friday 06/01/07

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

Today’s Surf

4:00 am ET– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle which was at 9790 with a stop at the most recent swing low which was at 9770. Since I was only 10 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 20. This put my target at 9810.

8:15 am ET – My target is not hit by this time and I know that the NFP report is coming out at 8:30 am ET, so I ride my trade out as long as possible and end up closing out at 9802.

Trade Result: +12 pips ; R-Multiple= .60

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