Cowabunga System Daily Update: 08/29/07

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Main Trend

Current Trend= The trend was down until 12pm ET. From 8am ET – 12pm ET, a new trend change candle formed and changed the trend from down to UP. After 12pm ET, the trend remained up the rest of the day.

Today I looked for short trades until 12pm ET. After 12pm ET, I only looked for long 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 was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9998 with a stop at the most recent swing high at 2.0035. Since I was 48 pips away from the nearest 50 level I decided to set my target at 1.9950.

Entry: Short at 1.9998
Stop: 2.0035
Initial Target:1.9950

3:30 am ET– Unfortunately I was stopped out of my trade.

Trade Result: -37 pips; R-multiple: -1.00

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