The Cowabunga System

Trading Systems Free Forex Trading Systems
587

Todays chart:

This is the 3.00 AM ET trade. As you see, the price didn’t make a clean break of the 2.0350 level. However, somwhow PS managed to foresee that and close the trade at the nice 2.0349 level.

My question is, how can you know that the price isn’t going to be a clean brake (e.g. close below the 2.0350 level) if the price hasn’t closed yet.

How do you, the cowabunga traders, solve this?

588

Well its not a case of foreseeing it. At 52 it turns back. In his latest update he did say that if it didnt go at least 5 pips past the target he would exit as quickly as possible as it retraced so this is entirely consistent with that

589

Where did he write that again?

590

I have created the attached flowchart for making trades using the Cowabunga System. My intention was to systematically apply all the rules as they have been described by the author. Following the chart should lead you to entering only valid Cowabunga trades as described by Pip Surfer.

If you see any discrepancies or feel I have left anything out, please let me know and I will update the file.

As a new trader, my goal is to use the flowchart to help keep me from overlooking something prior to entering a trade. I hope others will find it useful too.

Acrobat Reader required.

591

i would like to know are there any other pairs are also good for the cowabunga sys?
except gbp/usd?

thanks~

592

I’m using the system for EUR/USD for around 2 weeks with success.

593

I have another one of my smart questions. What about if the the price hit’s a 50 or 00 target, but closes only 0-4 pips above it. Should i still consider it a clean break (e.g. put in a stop-loss that’s only 0-4 pips wide), or should i treat it as an unclean break, or do something else, like putting a trailing stop, or maybe wait for another candle to make a better clean break. What should you do?

594

In one of his daily updates

595

When determining the main trend, besides looking at the relative positions of the 5 EMA and 10 EMA, do the RSI and Stochastics need to be in the same setup as needed for a trade entry on the 15 minute chart?

Example : 240min chart, 5 EMA below 10 EMA (look for shorts only), RSI < 50 but the Stochastic is below 20 and moving up

Is this a stand aside condition or can you take a short trade from the 15 minute chart if the EMA’s, RSI, Stoc., and MACD give the signal?

Thanks,

PD

596

Post #527 might help.

597

Hi auspips, I would to have look at that spreadsheet. <[email protected]>

598

I also would like to see the details in the sheet.

Thanks and best regards

599

I am currently long (entry today at 10.45am GMT @ 1.9930)

Stop sell @ 1.9899

Limit sell @ 1.9960

I am not sure if the above was a valid entry. Would appreciate some comments.

Meza

600

yes looks OK to me. Was also an earlier buy at 1.9912

601

Thanks, Tony

Just hit my target @ 1.9960 (30 pips profit)

Regards

Meza

602

Meza,

Nice trade. Unfortunately, I was still asleep when the signal came. The market did give me a second chance to get in when prices retraced but the psychology involved kept me from pulling the trigger (thinking it might be a failed trade).

Curious how you selected your target, just based off of the size of your stop loss?

Based on the swings shown in the attachment, a final target for this trade could be 1.9997.

PD


603

Target reached.

swings2.jpg700×342 34.8 KB

604

I have tried to use the custom indicator designed for the cowabunga system - and it seems to be pretty good.

Im just wondering if anyone is in the process of developing an expert advisor for this system?..

if not - should we develop one?

any suggessions/comments?

605

Pip Daddy

Could you please explain your swing theory.

Thanks

Meza

606

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