Cowabunga System Update- 01/11/07

Main Trend

Current Trend= Down and Up

Looked for short trades until my 4hr chart had a completed black candle which indicated a trend change. After the black candle, I looked only for long trades.

Today’s Surf

The Cowabunga system produced a short signal at 2:15 AM ET. The entry was at 9325 with a stop at 9347. My initial target was for 9300. Unfortunately the trade did not go my way and I was stopped out at 2:45 AM ET. Result: -22 pips

There was another short signal at 9:45 AM ET. Although my 4hr chart candle was colored black at this time, it had not closed which meant that the trend was still down until the candle actually closed. The reason I do this is because alot can happen in one 4hr candle and until it closes, we don’t know for sure if we’ll indeed have a trend change. My entry was at 9441 and I had a stop at 9524. My target was 9400 and it was hit at 10:15 AM ET. Result: +41 pips

Trade Result: +19 Pips