Cowabunga System Daily Update: 06/11/07

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Main Trend

Current Trend= The trend remained down the entire day.

I only looked for short trades.

Today’s Surf

2:30 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 9661 with a stop at the most recent swing high which was at 9681. Since I was only 11 pips away from the nearest 50 level I decided to go for the same amount of pips I was risking which in this case was 20. This put my target at 9641.

4:15 am ET- Unfortunately I was stopped out.

6:15 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 9665 with a stop at the most recent swing high which was at 9682. Since I was 15 pips away from the nearest 50 level I decided to set my target at 9650.

8:00 am ET- Unfortunately I was stopped out.

9:15 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 9664 with a stop at the most recent swing high which was at 9692. Since I was 14 pips away from the nearest 50 level I decided to set my target at 9650.

11:15 am ET- Unfortunately I was stopped out.

Trade Result: -20 -17 -28= -65 pips; R-multiple= -1.00; -1.00; -1.00

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