Hi guys,
I really wanna start using the cowabunga system. I’ve been demo trading for a while and this one seems pretty consistent.
But I’m not a fan of MT4 as I find the alert process a bit hard work.
Basically I don’t know how to set it up properley.
I’ve tried to use alertfx but also too much delay, maybe down to my phone network.
I do find the free text alert available on dealbook platform really good though! Just wandered if there was a cowabunga alert for dealbook?
Hope you guys can help me!:eek:
Hi am living in toronto canada. I was wondering what the best currency to trade this system during the day, like between 7 am and 9 pm be for me…I would also like to know what the minimum amout of startup capital you would recommend in order to increase your chances of success, as well as the leverage that you use. Thanks bigpippen!
Hi:
I believe that pipsurfer modified his entry time to where he doesn’t take any signals that originate before 12:00 A.M. I could be wrong, but I remember reading it on one of his posts. Could someone else confirm?
Jim
I was wondering is anyone or a mod could create another sticky with the latest downloads for this system?
Including this …
So You’ve Finished The School Of Pipsology…Now What? | Forex Blog: Pip My System
and the faq …
Cowabunga System FAQ | Forex Blog: Pip My System
It is really nice to have it all in one location.
When backtested it really is a great system.
I was also able to get the indicators working at one point with the arrows … for some reason it is not now anyone?
Hey Everyone, Just want some feedback on a recent trade. At the start of the trading day today using the cowabunga system there was an EMA cross up in an uptrend.
Now i didnt take the trade because at the completion of the cross over candle stochastics had not crossed in an upward movement. Well thats how I saw it so I didnt enter. Did anyone enter the trade (or not enter the trade for the same reason). Just want to see peoples thoughts.
If I read right the 4 hour chart is where the trend is determined and the 15 minute is to determine where to execute the trade.
I have noticed one problem. The 4 hour does not always correctly or sometimes misses a trend. Is there a fix, solution or patch for this problem?
I notice it more during a buy signal.
I have tried it on $/yen , GBP/$, EUR/$ , $/CAD, AUD/$ and several others I make four trades a day with each trde making me atlesat 25 pips so yes it works on more then the Pound vs $ I have been trading his system for 2 weeks and have started a project. my project is to cont to do as i’m doing and as I add $10,000 to my account the next week I’ll add another lot to the trades meaning for every $10,000 in my account I will add an extra lot to the trade and get the same amount
1 lot 25 pips a trade
2 lots 50 pips a trade
3 lots 75 pips a trade and so on and so on I will keep trading this way until I get a bad result so far using this
I haven’t had a losing trade but we will see you have to keep busy while watching for a signal but hey 4 trades at $250 per trade isn’t bad at all and for that I will keep busy till I see the signals hit I play alot of on-line poker any way so I keep my eye on one while doing the other.
Whyme250,
Do you trade these during different hours? Eg. Do you trade the AUD/USD when the Aussie and US markets are open or do you just trade them all according to Pipsurfers GBP/USA timeframe?
I just started FX trading very recently and have tried the cowabunga method . I am using a demo now to start ( dont want to lose my shirt even on a sim. ) .
I gotta say this is a really easy to use and straightforward system that suits me to a t . I’ve tried MANY approaches and this is the most consistent one .
I have a good handle on tech. analysis so that fast tracked the set up as far as platform and indicators were concerned . The only thing I changed was the timeframes ( please forgive me pipsurfer ! ) , I use a tick based instead of time based timeframe only because I feel it presents a more fluid price .
Is anyone else using Ninja trader and is there anyone that trades the eurodollar with cowabunga ? I’d like to be able to throw our thoughts around because I’m new to forex and trading is an isolated job .
I have been using the euro/usd with some success but I am using other indicators such as the news and candlestick pattern recognition. For me the system is a winner. The key is don’t let they system determine all your trades use other criteria to help you with your decision. A system should be a tool for making decisions it should not be a swiss army knife for all decisions.
First time poster but long time forum reader here, one question about this cowabunga system.
When you hit your first TP, I supposed the trading platform has close the trade. Well if I notice it was a clean break, how am I going to move the SL to the TP?
Or is that mean I need to monitor it all the time? If I monitor it all the time and wait for the candle to reach initial TP, what if the candle retrace after hitting the initial TP?
Hope you guys understand my point.
If you set a stop limit at your target price it should trigger and your profit is taken . Instead of that you could move your stop in your favor to lock in profits and continue moving your stop until it gets hit .
For example , if the candle closes beyond a support or resistance level on the longer timeframe move your stop a few pips above / below that level and keep moving it in your favor to maximize the gain .
This system is good, the only thing I don’t like this system is about the risk-to-reward ratio. I wonder if I put a fix TP and SL eg 50pips is good. Any idea?
Good question.
One reason why I don’t like fixed stops is that the market doesn’t care how many pips your stop is set at.
A better way (in my opinion) is to look at what the market DOES pay attention to…and that is key levels of support and resistance. By doing this you can be confident knowing that you were stopped out because you were actually wrong in your trade…not just because the market went against you by 50 pips.
I’d much rather be proven wrong then stopped out by some random market swing.
Does that make sense? I hope it does.
The R:R ratio is definitely bad with Cowabunga…however, with the high win percentage, it makes up for it and still ends up profitable.
Happy trading and keep asking questions!
Hello pip surfer,
Yes, it makes sense. Actually, I trade with other pairs today and earned me +146pips today. But 2 of the 3 trades seems risk 100pips(previous swing high/low) to earn 40pips(nearest 00 or 50). I also lost -50pips a while ago(I fix the SL because the previous swing high SL was too far, around 150pips) just to win 37pips. But it appears to be a swing, it actually not only hit my TP but far more than that:)
Pip surfer, normally how many pips are you willing to risk?
Again, it is a great system. It really works. I just need to fine tune it according to my “flavour”.
I will risk any amount of pips to get my target…
HOWEVER- I will adjust my position side so that I am only risking a very small percentage of my total trading account so that even though I lose, I don’t take that much of a hit.
It’s not the pips you need to worry about, it’s the percentage of your account that should be your guideline to money management.
Hope that helps 
Hi everyone
I’m new to this site and thread so please forgive the basic nature of this question:
In terms of entry signals, I am right in not taking the trade if the stochs are in overbought or oversold territory? (+80 and -20)
If so is this an absolute or is it part of the system where discretion can come into play?)
Look forward to any help you can give?
Kind regards
Mark
I think Ive found the answer posted earlier:
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.
thanks anyway
Mark
Hi Pip Surfer and other regulars.
I think I have a problem with my chart set up and I need some help to try and fix it…please!
In essence my Indicators, in particular the MACD look different to those posted by Pip Surfer in his excellent blog today
My Stoch settings are 5 3 3, with Price Field Low/High and MA Method as Simple.
My MACD is set:
Fast EMA 12 Slow EMA 26 MACD SMA 9
Applied to Close
Today, Pip Surfers MACD has been showing in Positive territory whereas mine is in negative, which is turning potentially bad signals into good.
I’m using Metatrader with Alpari. I have read the entire thread from start to finish and think I have it right but feel I must have missed something
Ive attached my chart below in the hope that someone can help
Kind regards
Mark
Hi, all!
I’m new to this forum.
Dealing with Forex in about a 3 mons
I’m interesting to try the Cowabung Indicator in MT4.
But have some problem …
After adding mql file to my experts/indicator folder on the comp,
restarting MT4 and adding Cowabunga indicator to the USD/JPY chart -
all what i can see - just blue and red lines which is tell me nothing.15m, 4h…
Any help will be very appreciate …
Where is the trend? Where is the arrows?
What I did wrong?
Hi Pip Surfer,
I noticed that I actually miss a lot of winning trades due to the MACD level. According to your rules, for uptrend the MACD have to be in negative and gaining value, while downtrend the MACD have to be in positive and losing value. I notice a lot trades(the MACD is already in positive/negative value, a short one, near the 0.00 level but is gaining/losing value) end up with positive result.
Any idea on this? Do you agree that if the MACD is already in positive/negative,a short histogram near 0.00 level and is moving towards the trend that you wish a valid entry?
Again, your system is still great and profiting for me so far.
regards,
bulkbiz