I introduce this system here, the full details in “FREE FOREX TRADING SYSTEMS” , the correct place for it.
This is a great little system…soooooooooo simple. Can be used with any currency pair, any time frame. But your longer time frames will, of course, make more pips - but you have to wait longer!
Uses candle chart, Bolinger bands at default setting, a very peculiar MACD.
This method is described in John Bolinger’s book “Bolinger on Bolinger Bands” , chapter 20 - “Reversals” page 160.
I am currently trying to find the book that you referred to. I would also like to say (running the risk of sounding like an idiot) I think this is my major problem. I have been using the Cowabunga system and applying it to the NZD/JPY pair. This pair is very quick and volitile. The spread is very high and generally quick in making it up or losing it. I have asked the question before “Is this a Cowabunga friendly pair?” I have wrestled with this with some success but it seems to slap me in the face as often as it embraces me.
I have come to the conclusion that it must be my improper use of time frames. I would like to investigate this system. Can you direct me to a website that will give me broad details on the use of this system.
I would like to also add that I had a conversation with Tonymand about this pair and He had some confusion as to why I would choose NZD/JPY. My answer is that it was very volitile and I was very interested in being able to control the wild mood swings. I felt that if I could master this pair(using the word Master loosely) I could move into some of the other pairs easier. It was also very active during favorable hours.
I really feel that a simple timeframe control method will give me at least a new weapon. Thank you for this thread I am hoping this is what I need.
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To widereceiver83 :
Firstly, I know nothing about the Cowbunga system - I do not use it.
Time frames I use are from 20 minutes to 1 hour.
The system I describe here is fully explained in “FREE FOREX TRADING SYSTEMS” .
I feel you are wasting your time trying to trade the exotics. There are 4 majors…USD/JPY…USD/GBP (cable)…USD/CHF…USD/EUR. They all cost about 3 pips only with a bucket shop broker. Stay with these like everyone else!
Tymen,
You said that the system was fully explained in “FREE FOREX TRADING SYSTEMS” but did not explain where the information was located. Is that article located on this web site? Or is this a chapter in Bolinger’s book? Sounds useful.
To Flowerlady :
“FREE FOREX TRADING SYSTEMS” is a section on this forum just like “Newbie Island” is.