Almighty GBP/JPY versus Cowabunga system

[tegasite]

Hey there,

Sorry cos I couldn't place a trade on friday.............. its really a volatile day and I tend to be scared of trading on that day.
However this was a very good cowabunga signal on that day..... which would have been worth more than 145pips never mind there is already another cowabunga long signal this morning which should fetch us some good pips
Happy viewing

[tegasite]

Yesterday, Cowabunga defeated GBP/JPY 140pips to none. Check out the result.
Happy viewing

[8toenails]

Originally Posted by tegasite

Yesterday, Cowabunga defeated GBP/JPY 140pips to none. Check out the result.
Happy viewing

Tega,

What are you doing to manage the trade? What is your exit criteria? I got into the same trade as you but held onto it too long and it went the other way. I'm just not sure about exits. Any suggestions? Maybe we could get a chatroom together for everyone to confirm entries/exits. This is in no way a reflection of the system, just a reflection of my lack of understanding of the exit criteria.

Thanks!
8

[tegasite]

Sorry for not responding to your mail on time....... been very busy
Hope you didnt get a loss from yesterdays trade?

I basically use strong support/resistance lines for my exit........ but if I am by my system, I employ cowabunga cross in the opposite direction but keep a close watch on my 14RSI..... very important indicator to me..... If for instance I take a long position, I will remain in that position as long as the RSI remains above 50.... at times it may deep a little below 50 but I dont bother as long as the STOCH (10,3,3) is at that time in the oversold region.

I observed that yesterday, the bullish strength was getting weaker though price was attaining greater height...... you will get more information about divergence from baby pipsology:
Divergence Cheat Sheet - College: Trading Divergences - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

When i have time, I will have to post a detailed method I use to trade the GBP/JPY on page 1 of this thread.

Originally Posted by 8toenails

Tega,

What are you doing to manage the trade? What is your exit criteria? I got into the same trade as you but held onto it too long and it went the other way. I'm just not sure about exits. Any suggestions? Maybe we could get a chatroom together for everyone to confirm entries/exits. This is in no way a reflection of the system, just a reflection of my lack of understanding of the exit criteria.

Thanks!
8

[8toenails]

Originally Posted by tegasite

Sorry for not responding to your mail on time....... been very busy
Hope you didnt get a loss from yesterdays trade?

I basically use strong support/resistance lines for my exit........ but if I am by my system, I employ cowabunga cross in the opposite direction but keep a close watch on my 14RSI..... very important indicator to me..... If for instance I take a long position, I will remain in that position as long as the RSI remains above 50.... at times it may deep a little below 50 but I dont bother as long as the STOCH (10,3,3) is at that time in the oversold region.

I observed that yesterday, the bullish strength was getting weaker though price was attaining greater height...... you will get more information about divergence from baby pipsology:
Divergence Cheat Sheet - College: Trading Divergences - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

When i have time, I will have to post a detailed method I use to trade the GBP/JPY on page 1 of this thread.

No problem about the response time! Thanks for the info!

If you look at your 15m charts that you posted from yesterday, why didn't you exit on the previous cross down?

Thanks!
8

[8toenails]

Originally Posted by tegasite

Sorry for not responding to your mail on time....... been very busy
Hope you didnt get a loss from yesterdays trade?

I basically use strong support/resistance lines for my exit........ but if I am by my system, I employ cowabunga cross in the opposite direction but keep a close watch on my 14RSI..... very important indicator to me..... If for instance I take a long position, I will remain in that position as long as the RSI remains above 50.... at times it may deep a little below 50 but I dont bother as long as the STOCH (10,3,3) is at that time in the oversold region.

I observed that yesterday, the bullish strength was getting weaker though price was attaining greater height...... you will get more information about divergence from baby pipsology:
Divergence Cheat Sheet - College: Trading Divergences - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

When i have time, I will have to post a detailed method I use to trade the GBP/JPY on page 1 of this thread.

Also, do you take every signal that you come across on the 15m chart or do you only enter trades during certain time periods to avoid periods of inactivity and fakeouts? If so, please elaborate.

I did take a loss yesterday.

[tegasite]

One perculiar characteristics of this pair is that if it rallys to a new high and is unable to penetrate that resistance line, it will have to retrace about 2/3 of the very bullish rally length............... this is wat i was expecting when it was unable to penetrate thru the strong resistance line 236.30 after having a very smooth ride from 233.76 without any major retracement.... you may have to go back in time to understand what I am trying to say.

You will also observe that before the cross-over the RSI has remained above 50 all this while so I was expecting a major retracement before attaining a new height.....though the RSI went below 50, the STOCH was very close to over-bought region.

Hope you will get his????????/
Happy trading

Originally Posted by 8toenails

No problem about the response time! Thanks for the info!

If you look at your 15m charts that you posted from yesterday, why didn't you exit on the previous cross down?

Thanks!
8

[tegasite]

I dont take any signal from the M15 chart untill i get confirmation from the H4 chart........... Long if and only if I have an uptrend on the H4 chart:
So You've Finished The School Of Pipsology...Now What? - Pip My System - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

Attimes I need to get a trendline breakout on the M15 chart before I can take the cowabunga setup....... to avoid taking all cowabunga crosses:
Pattern Schmatterns - 7th Grade: Important Chart Patterns - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

Hope you get this

Originally Posted by 8toenails

Also, do you take every signal that you come across on the 15m chart or do you only enter trades during certain time periods to avoid periods of inactivity and fakeouts? If so, please elaborate.

I did take a loss yesterday.

[8toenails]

Originally Posted by tegasite

I dont take any signal from the M15 chart untill i get confirmation from the H4 chart........... Long if and only if I have an uptrend on the H4 chart:
So You've Finished The School Of Pipsology...Now What? - Pip My System - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

Attimes I need to get a trendline breakout on the M15 chart before I can take the cowabunga setup....... to avoid taking all cowabunga crosses:
Pattern Schmatterns - 7th Grade: Important Chart Patterns - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

Hope you get this

Great! Thanks! I've read through all of this in the past and am familiar with it all, but actually applying the theories and putting them into practice are another story.

Would you be interested at all in leading a chatroom or some kind of IM chat with those interested?

[tegasite]

I have no problems with that.........
but what does it entail

Originally Posted by 8toenails

Great! Thanks! I've read through all of this in the past and am familiar with it all, but actually applying the theories and putting them into practice are another story.

Would you be interested at all in leading a chatroom or some kind of IM chat with those interested?