The Cowabunga System

[enit]

Hello

is there anybody who is managing accounts by The Cowabunga System?
I would love to trade on my own, but I can't do that for now.

enit

[yschan_84]

Hi there!

I will like to know how you guys judge profit limit when you enter the trade? I had a profit of 10pips but I let it go because i did not know if it was right to take profit ? So I ended 10 pips down cuz i got stopped out.

Looking forward to hear your advice on this. Thank you!

[Cowaboi]

Originally Posted by yschan_84

Hi there!

I will like to know how you guys judge profit limit when you enter the trade? I had a profit of 10pips but I let it go because i did not know if it was right to take profit ? So I ended 10 pips down cuz i got stopped out.

Looking forward to hear your advice on this. Thank you!

Hi, suggest you read the exit section here:

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

[yschan_84]

Thanks for your quick reply. I just saw that thread as well. I just missed the part about "being flexible". Cuz the main trend went all the way up and I could have been up 50pips. But I guess this is part of trading so I just have to take it in my stride.

[Pip Daddy]

Valid Cowabunga sell in progress.

EP = 1.9967
SL = 2.0017
T1 = 1.9944 (swing based target)
T2 = 1.9909 (61.8% fib retracement)

UPDATE
T1 was hit when prices reached 1.9939. Prices consolidating now - I have moved my stop to breakeven. It is a free trade now and if I can avoid being stopped out, T2 is the next downside objective. If T2 makes a clean break, I will switch to a trailing stop and be looking for 1.9888 as T3 and my final target.

UPDATE
Stopped out at "breakeven". Actually, I placed my stop 2 pips below my entry and wouldn't you know, that is what got hit before continueing down.

This is a money management issue that I need to work on. I need to be more patient with trades, giving them time to play out.

Bottom line, this missed opportunity was a result of fear.

[yschan_84]

nice one there. I missed it just by a bit because i was out of the house.

[Pip Daddy]

Clean break of T2 (like a hot knife through butter) and T3 surpassed.

I want to beat myself up for moving my stop but I have to remember that there will be other trades and more chances to work on my stop management.

NOTE - As I may post more trades in the future, I should let you know that my trade entries are based 100% on the Cowabunga system. However, after entry, my stops/targets/exit/trade management is my own.

[bigjim1958]

Hi:
Read all posts, FAQ, blog still having stupid spasm, please help. BP checks 4 hr candle starting at 12 midnight, determines trend, say it's long, and stays long all day. Checks 15 min starting at midnight, if 15 min trend is already long, does he wait for crossover to short and then back to long to enter? Sorry for dumb question, thanks for the help
Jim

[Pip Daddy]

Originally Posted by bigjim1958

BP checks 4 hr candle starting at 12 midnight, determines trend, say it's long, and stays long all day. Checks 15 min starting at midnight, if 15 min trend is already long, does he wait for crossover to short and then back to long to enter?
Jim

1) The object is to determine the trend from the 4 hr chart. If it is up, he only looks for long trades - not "is long all day".

2) if the 15 minute chart has already crossed (in this case is already showing an uptrend) then you have missed the entry and must wait for it to cross (back down) and then cross again (a new long entry).

[DoctorG]

Does anyone have an opinion or experience using this system on a different ti me frame. eg, would it work on a daily time frame.
or is there no point