I use all the indicators pipsurfer use
Theres a few changes i have done to this system to see if i can make it more profitable.
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Ive set fixed stop loss and profit taking levels. 20Pips stop loss and 20 Pips Profit taking. There is discretion in this so if im at 18pips profit i might close it early or i might move the stop loss to 25pips if its been volatile.
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I trade between 08:00 and 17:00 BST
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I dont look at the main trend. The only chart i look at is the 15min TF. When the EMAs cross and all of the indicators match i enter, regardless of the main trend on the 1h or 4h chart.
Backtesting it: Last week 14th -> 18th
3% risk per trade (20pips)
16.6% rise in my account with 15 trades. 10 Wins, 4 losses, 1 b/e. This is only one week and im very wary of back testing so im going to test this live on a demo for a full week next week. I will be doing it on both GBP/USD and GBP/JPY.
Anyone else using the same thing?
Iām trying to get a feel for how strictly one has to follow the Cowabunga system. What I mean by that is if all of the indicators say buy do you have to buy or can you just stay out of the market.
The fourth candle from the right shown in the attached chart shows a buy crossover.
It would seem to me that in a choppy ranging market like this you would be better off ignoring the signals and just stay out of the market due to the indicator lag.
By the time the signals tell you to get in, this type of market is already retracing.
Just thinking that in a sideways market, it might be better to use some discretion when entering a trade than just following the signals.
Thanks
From around 10 -11:00 BST today i wouldnt have traded this system. The main reason is that its so close to 1.5000. Because of this price the market has been ranging betweek 50pips today, ussualy its much more.
The more you learn about forex and the market the more you will see this. Im still new and always learning. Ive just learnt this today!
From what I have seen, you should trade it every time it produces a signal. This system, as every other system out there, will produce losses. It does produce more wins than losses though. Technical systems like this need to be traded every time to make sure you pick up your wins to outweigh your losses. For example, if you get annoyed that you lost 2 in a row and decide to sit the next 2 or three trades out, I guarantee you will miss out on a few winners, destroying your profitability. I have also noticed that the biggest winners come between midnight and 6am EST. So dont miss them!
Anyone tried trading this strategy on a 30min or 1 hour chart?
Hey guys long time trader first time poster.
It hasnāt been the best of weeks for this system just look at this pic ā¦ talk about going sidewaysā¦ H4 chart GBP/USD
Where is the pipsurfer anywayā¦? Holidays?
Sorry if it has been mentioned, but what are the best times to trade this system ? In GMT please 
Thanks in advance,
Between 12am to 4pm GMT
Iāve just placed a trade on GBP/USD at 1.5191 at 10am GMT
S/L 1.1562 T/P 1.5222
hi Mercia,
Iām thinking about starting to backtest it on other pairs too.
Are you backtesting it manually?
Best
PT
Hey guys,
Iāve been seriously trading this system for the past three months. The first two I was on a demo account and made 380 pips. But then the third month I went live and I ended -50 for the month. Iāve been trading by the book the whole time, but its depressing to have done so well only to go live and be immediately in the red.
Just wondering if anyone else who trades this system regularly has been experiencing a loss in the past month. With Pip Surfer gone on vacation I have no one to gauge myself against.
Thanksā¦ and keep it pip positive!
hi mraugustyn,
what a nasty experience!
donāt give up!
wish I could help, but I canāt just yet.
Iām planning to start manual backtests of cowabunga next month or so.
Will post my stats of the past months.
Best,
PT
@ Piptarts,
Thanks for the reply. I appreciate your condolences. Yes, I would definitely recommend the system. Despite this down month I have faith. And actually I think I found the answer to my question. Mercia notes one page previously on this post how the market is trading around the 1.5000 level. I think this being a big psychological/technical level has a lot to do with the marketās odd actions lately.
@ mraugustyn,
yepā¦ that sounds like a reasonable explanation.
still a big bummer tho, according to the trade records here on bp and meetpips, itās hardly ever unprofitable for a month.
perhaps you can still mention it in the comment section of the most recent daily update. maybe pipsurfer has another perspectiveā¦
best!
@ piptarts,
Iāll definitely bring it up once pipsurfer resumes regular posting. Keep me updated on your success with the system.
I certainly will!
ā¦leaving for a short holiday now, but when I come back Iāll drop a post about my grand-backtesting-idea for cowabunga.
my ambition is to [B]thoroughly[/B] backtest the system (manually)ā¦ on the cable first, and if it all works out positive, on other pairs.
I guess it will speed up my learning process and itād love to see some extensive trade records on other pairs.
cheers
Hello everybody, this is my first post here and my first dip into Forex. I am trying to do some backtesting after doing all of the School here with this system.
I also tried setting up my own system, but it cam out as almost the same, so I am just trying to see if I could modify anything to my liking.
What I was wondering is if itās a good idea to split up your profit taking as follows:
- At your first defined profit point, you take half of your lots, rounded up (so this could be all if you only traded one lot considering your risk/money management)
- For the second half you set a trailing stop at the entry point. So thatās is for the amount of pips you already made as a profit.
This way you have the option to ride the waves if they continue far past your exit point (even with clean breaks), but if it turns on you, you just break even.
I have a hard time backtesting this, because I donāt know how my historical data on the 15 minute chart moves inside the candle and so I donāt always know if the trailing stop would have kicked in or not and at what amount.
Before forward testing this I want to know if this is viable as a strategy, otherwise I will just try to forward test this Cowabunga and maybe try coming up with something entirely different in the meanwhile.
@ Mrpippit,
Welcome. Your modification of the TPs and SLs does sound viable. I do recall PS mentioning scaling off some of his profit at the first target level (something he mentioned in a past post but not on the page describing the system details.)
Personally I have traded the system by the book to a T and have made good results. Except for this past month which has been rather unique, im down -20 pips over the past month.
As far as your back testing I agree that there is no real way to do it with the trailing stops. Maybe you should just forward test papertrading? Anyway, Iād be interested to hear your results.