Cowabunga System Daily Update: Wednesday, 11/02/11

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Main Trend

Current Trend

The trend was DOWN the entire day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

6:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative from the previous candle. This cancelled out the trade and I did not enter.

10:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative from the previous candle. This cancelled out the trade and I did not enter.

entry2

Trade Result: +0 pips R-Multiple: N/A

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
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  • Vikram

    For those using IGIndex here is the Cowabunga indicator, I have removed the MACD from the equation, for backtesting:
    a = ExponentialAverage[5](close)b = ExponentialAverage[10](close)c = 0REM Calculation of the MACD line//MACDLinex = ExponentialAverage[12](Close) – ExponentialAverage[26](Close)REM Calculation of the MACD Signal line//MACDSignalLinex = ExponentialAverage[9](MACDLinex)REM Calculation of the difference between the MACD line and its Signal//MACDHistogrammex = MACDLinex – MACDSignalLinexIF a Crosses Over b THENIF (RSI[9](close) > 50) THENIF Stochastic[10,3](close) > 50 THEN//IF MACDHistogrammex < MACDSignalLinex THENc = 1//ENDIFENDIFENDIFENDIFIF a Crosses Under b THENIF (RSI[9](close) < 50) THENIF Stochastic[10,3](close) < 50 THEN//IF  MACDHistogrammex > MACDSignalLinex THENc = -1//ENDIFENDIFENDIFENDIFRETURN c