Who has tried? What’s your status report?
How about combining it with a day job?
I assume by this you mean applying it to a daily chart.
I am trying it and I think it will work well, but my question is whether you get enough ups and downs, you won’t get as many as the 15min chart but they will be bigger
Readouts tend to work better with longer time periods. Most of the indicators used in Forex were really designed for daily stock trading not 15 minute forex charts. Forex trends more than most stocks and commodities so I bet your system will work fine.
After messing around with other systems/strategies I’ve settled on the “So Easy” (cowabunga daily) strategy pretty much as published. It’s been working well for me. Some mods I’ve made include widening the stop to either the most recent hi/low or to the ATR. I also add a 200 SMA and mostly limit myself to trading with the trend - counter-trend trading very cautiously. Trading with the trend I’ll risk up to 2%/trade. So far so good.
Hello Cowabonga tribesmen:)
The Cowabonga system has an easy stop/loss system. I like the idea of the system since I agree with others stated the signal system is basically made for the daily chart or longer timeframes.
I have one issue I would like to bring to your attention. The original system has a reccomended rismanagement of 1% of your account which I have got confirmed among many traders to be a sustianable approach. If we was to “translate” the stoploss prinsipal of placing the stop loss at the closest swing low. Would not the system has a challenge with huge stoplosses even if the upside is also proportional larger than 15 min charts give?
Kind regards
MajorHunter.
Hi
I would like to highlight one issue with swing trading - how do we handle the news events? The news spikes could in my opinion be very dangerous.
Please comment.
Meza
I’ve only been doing it for 2 or 3 weeks so it’s hard to tell, but I think that I have been making some great trades using the Cowabunga system on a WEEKLY basis.
Every weekend after the market closes for the week, I thoroughly analyze the charts using all of the Cowabunga indicators on the same settings, on 4 hour and 15 min charts, although I use other charts as a confirmation. I figure out my positions for the week, and then Sunday evening when the market opens, I place all of them, either instantly or as limit orders. So far it’s produced over 100 pips per day on average. I may have found a great way to trade evenings/weekends and keep a full-time job as well… BUT it will take several more weeks (like 6) before I would say conclusively if it’s a great system, or if it was just luck.
I don’t listen to any currency news or little meetings/announcements, I go by purely the technical analysis, except for REALLY BIG news (housing crisis, etc.)
This cowabunga system is really fantastic tool to use. I was looking at it for the 4 hour time frame and the results were pretty good with very little fakeout.
I guess, for the busy one you can apply it a daily or weekly timeframe. For the active traders, I guess you can apply it on the 15min, 4 hr, daily and even the weekly time frame.
I have been trying other systems here and there and my progress has not been good so far… (sad to say)
good to hear traderphobe…
one question, what currency pair do you usually trade? the majors or even the cross?
Mostly the majors. Better familiarity, lower spreads, access to lots of analysis that helps support my tech-based decision (usually).
The original Cowabunga system uses 4h chart to determine trend and 15min chart for entry. Working longer term do you still use 4h to determine trend and then, say, daily for entry ? Or have I got the wrong end of the stick !