The Cowabunga System

[pacifier]

Hi ppl,

Another question for BP. Which major US and UK (if any) announcements do you exit your open trade ? If you can kindly provide us with a list that'll be great.

Keep up the good work.

Pacifier

[BigPippin]

Originally Posted by ybop01

BP, can you tell us more about your discretionary exits? For example what constitutes a "Clean break"?

A clean break is when the price just doesn't touch a level, but rather, it breaks through it. It also is a clean break if the price can close higher/lower than your target. See today's post for an example.

[BigPippin]

Originally Posted by pacifier

Hi ppl,

Another question for BP. Which major US and UK (if any) announcements do you exit your open trade ? If you can kindly provide us with a list that'll be great.

Keep up the good work.

Pacifier

NFP is one and interest rate decisions is another. There aren't too many announcements that I'll exit before, but those 2 are big market movers so I tend to avoid those. It's all in context too. If I see that a certain report has been getting alot of buildup then I may stay out at those times as well.

[ybop01]

Originally Posted by BigPippin

A clean break is when the price just doesn't touch a level, but rather, it breaks through it. It also is a clean break if the price can close higher/lower than your target. See today's post for an example.

So if I understand you correctly, you don't set a take profit when you open a trade but rather you watch the trade as it progresses and if a bar closes passed your goal, you then move the stoploss to the take profit level and continue monitoring the trade. Does this sound right?

[pipinator]

B.P. what is your trading schedule like, what time do you start and end your trading, what other things do you do when your trading, for example do you stare at your computer all day and wait for your signals or you read varies forex reports, ect. and where are you trading from the u.s. or europe.

[BigPippin]

Originally Posted by ybop01

So if I understand you correctly, you don't set a take profit when you open a trade but rather you watch the trade as it progresses and if a bar closes passed your goal, you then move the stoploss to the take profit level and continue monitoring the trade. Does this sound right?

Thats correct. I watch it when the price gets near my target to see what the price action looks like. If theres a clean break I hold. If not, I close

[BigPippin]

Originally Posted by pipinator

B.P. what is your trading schedule like, what time do you start and end your trading, what other things do you do when your trading, for example do you stare at your computer all day and wait for your signals or you read varies forex reports, ect. and where are you trading from the u.s. or europe.

Hi pipinator,

You might want to take a peek at the Cowabunga FAQ.

Your question and perhaps any other questions you may have are probably answered in there

Happy trading!

[pvctrades]

BigPippin, last night a signal formed but you said because of the news candle you didn't take it but I also read somewhere you saying that you will take a signal after a news candle. When exactly do you mean you will take a trade after a news candle? After the candle finishes and crosses or if the second candle crosses? Last night seemed like an incident where a signal formed after the news candle was finished. I'm a bit confused by this. Your clarification would be appreciated

[BigPippin]

Originally Posted by pvctrades

BigPippin, last night a signal formed but you said because of the news candle you didn't take it but I also read somewhere you saying that you will take a signal after a news candle. When exactly do you mean you will take a trade after a news candle? After the candle finishes and crosses or if the second candle crosses? Last night seemed like an incident where a signal formed after the news candle was finished. I'm a bit confused by this. Your clarification would be appreciated

For example: TIC data comes out at 9:00 am ET. Therefore we wouldn't trade the 9:00 am ET candle. However if the 9:00 am ET candle didn't form a signal but the 9:15 am ET candle did, then we could enter the trade.

[pvctrades]

Originally Posted by BigPippin

For example: TIC data comes out at 9:00 am ET. Therefore we wouldn't trade the 9:00 am ET candle. However if the 9:00 am ET candle didn't form a signal but the 9:15 am ET candle did, then we could enter the trade.

oh ok, thanks for clarifying BigPippin

By the way, with XTICK, how far back of data can you see with the 15 min chart? On my metatrader platform with my broker, I can only go back as far as June 2006. Does XTICK allow you to view 15minute charts beyond that point? Also, is it easy to set up email alerts with them? I have been doing tons of manual tests to optimize my exit strategy and seemed to have found something stable but I need to go back beyond June to get more data. Thanks BigPippin