The Cowabunga System

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.


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.

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.

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 [B]closes[/B] passed your goal, you then move the stoploss to the take profit level and continue monitoring the trade. Does this sound right?

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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. :confused:

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 :slight_smile:

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 :slight_smile:

Happy trading!

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 :slight_smile:

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 :slight_smile:

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

Thanks, this will definitely be useful.

hos do i install indicator on the mt4 platform. it is in zip file.


Unzip and put contents in the //metatrader 4/experts/indicators folder and restart MT4

BigPippin, I noticed you took a trade 7:15am last night. On my indicators, the stoch was in overbought territory with a value over 92 so I didn’t take it. Not sure why the data between what we have can be so much different.

Post chart please. Could be because of different brokers but it might be something else.

This is my chart from around 2 am yesterday. Note that MACD is positive.

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[QUOTE=BigPippin;4098]Post chart please. Could be because of different brokers but it might be something else.[/QUOTE]

Here are the charts BigPippin, the candle is the one with the yellow circle. I noticed that someone else said their MACD was positive. In my case, only the stoch is in overbought. How would we know which is accurate? Anyways, this month is a little rough and very choppy :eek:

It looks like your MACD went from negative to positive on the crossover. Is that right? If so then that is still a valid entry. Even so, your MACD is very different than mine and I’m not sure why. It looks like your settings are correct. Our candles look the same so I don’t think it’s the broker difference. It’s something in the software. Try NetDania. It’s on It’s a free chart. See if those charts match mine.

Both stochastic lines have to be in overbought territory for it to be an invalid entry. In your first chart only the fast line is in overbought territory. The 2nd chart is borderline. Keep in mind I am using what’s called “Slow Stochastics”. It looks like yours might be on “Fast”. Some charting softwares give you the option to choose. It’s very rare that the stochastics keep me out of a trade so if your stochastics are just entering overbought/oversold territory then it is probably ok. The only time you don’t want to get in is if the stochastics has been in overbought/oversold territory for an extended period of time.

I had the same problem on Oanda’s charts. The MACD histogrm looks totally different than yous & Metatraders :confused: . I just gave up on it and sololy use Metatrader for all my charts and everything is perfect. I have no idea why Oanda’s MACD is not the same as all the others when the settings are the same but atleast we have many other choices for charts :slight_smile: .