Cowabunga System Update: 10/25/07

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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

2:30am 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 at 2.0479 with a stop at the most recent swing low at 2.0451. Since I was 21 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0500.

Entry: Long at 2.0479
Stop: 2.0451
Initial Target: 2.0500

6:00am ET– My target was hit at 2.0300. The candle made a clean break of this level so I trailed my stop to 2.0300 and set my next target at 2.0500.

6:15am ET– Unfortunately I was stopped out at 2.0300.

Trade Result: -+21 pips; R-Multiple: 0.75

Tomorrow’s news events to watch out for:

  • Nothing major is coming out tomorrow

For the rest of tomorrow’s news lineup, check out our Forex Calendar

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