I think so (there's another thread on this somewhere). The cowabunga was derived from the "so easy it's ridiculous" system in chapter 11 of the babypips school. I've traded the "so easy" with pretty good success with a few modifications, e.g., I plot a 150 SMA to get a sense of the longer term trend and I generally have used the most recent hi/low as my stop, especially if I'm trading in the direction of the trend, otherwise, I use the system's "default" 30 pips as my SL or I significantly reduce my trade size until the trade gets moving then add as I feel comfortable - after protecting profits. One interesting, and so far, successful addition I've tried has been to use Heikin-Ashi candles to help confirm a trend change. I love HA, but you have to study up on them to adequately interpret them. My 2 cents.....
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