So You've Finished The School Of Pipsology...Now What?
Taking the Next Step
Graduation day is here! You've finally finished reading and re-reading every page of the School of Pipsology and have passed all the quizzes. The only problem now is that you don't know what to do next. You want to jump in the market but aren't quite sure where to start. If you fit into this category, then this blog is for you.
Introducing the Pip My System blog!
Here I will take a simple system and apply it everyday to the Forex market. By following along, I hope that you'll be able to use this as a guide for following your own trading system each and every day. But before you follow along, here is a little background on the system that I will be trading.
About The System
The system is mostly based on the example given in the Mechanical Trading System lesson in our School of Pipsology, but I've added a few tweaks that I think will help filter out those whipsaws and increase our win percentage. While the title of the system in the lesson is called the "So Easy It's Ridiculous" system, actually applying it is not. The point I try to stress is that a trading system can be simple and profitable at the same time. This blog will attempt to guide you on the application part of it
The Main Trend Is Your Friend
The main concept of the theory is to catch small trends during the day while avoiding fakeouts. Simple right? Wrong! It's easier said than done. I will be making my trades off of a 15 minute chart, but I will be using a 4hr. chart to give me my main trend. If my 4hr. chart is trending up, then I will only be looking to go long on the 15 minute chart. On the other hand, if my 4hr. chart is trending down, then I will only be looking to go short on the 15 minute chart. By looking at the main trend first, I will have a better chance for a winning trade by moving along with the current market direction.
4hr. Chart Settings:
- 5 EMA applied to the close
- 10 EMA applied to the close
- Stochastic (10,3,3) (Use slow and simple settings)
- RSI (9) (Simple)
The 15 Minute Chart
After establishing the main trend , it's time to look for trade entries on the 15 minute chart. The 15 minute chart looks similar to the 4hr. chart, except for the fact that I have added a MACD histogram. The trade entry rules are simple:
15 Minute Chart Settings:
- 5 EMA applied to the close
- 10 EMA applied to the close
- Stochastic (10,3,3) (Use slow and simple settings)
- RSI (9) (Simple)
- MACD (12,26,9) (Exponential histogram)- Make sure the histogram displays the difference between the 2 lines
Long trades:
- 5 EMA must cross above the 10 EMA (Indicated on my chart by a black candle)
- RSI must be greater than 50
- Stochastic must be headed up and not in overbought territory
- MACD histogram must go from negative to positive OR be negative and start to increase value. (We want to catch trends early so the MACD histogram must be negative)
Short trades:
- 5 EMA must cross below the 10 EMA (Indicated on my chart by a purple candle)
- RSI must be less than 50
- Stochastic must be headed down and not in oversold territory
- MACD histogram must go from positive to negative OR be positive and start to decrease in value. (We want to catch trends early so the MACD histogram must be positive)
15 Minute Chart Setup:
- 5 EMA applied to the close
- 10 EMA applied to the close
- RSI (9)
- Stochastic (10,3,3)
- MACD Histogram (12,26,9)
Stop Losses
There is not a hard number that I use for a stop loss. Instead I use either the most recent swing low (for long trades) or the most recent swing high (for short trades) as my stop loss. Using the examples above, this is where I would place my stops:
In these examples, the stop losses were not that wide. However, there will be times when the most recent swing high or low is several pips away from your entry. This is where you must be careful. If the stop is too wide for you to keep within your money management rules, simply stay out of the market! Trust me, there will always be another trade later. Even if that trade happens to win a gazillion pips, you should never compromise or doubt your decision to follow strict money management.
Exits
Here's where things get a little hairy. You'll have to use your brain for this one. What's that? A trading system that actually requires you to think?! But don't worry; it's really not that hard. Generally 50 and 00 levels will be your targets. What is a 50 or 00 level? It's simply any price that ends in 50 or 00. For example, 2550 and 2600 are examples of a 50 and 00 level respectively.
However, if you are too close to a 50 or 00 level you can also choose to set your target for the same amount of pips you are risking. For example, if your going long and your entry is at 2445 and your stop loss is at 2425 you would be risking 20 pips. You could then set your target for 20 pips away from your entry. So in this example your target would be 2445 + 20= 2465.
Record Keeping
I will have a dedicated post that will constantly be updated as we go along. I'll list total number of trades, number of wins/losses, average winners, average losers, max drawdown, and max winning streak. That way we can track the progress of the system as we go along.
Conclusion
If you're sharp, you may have noticed that I use RSI and Stochastic which both measure overbought and oversold extremities. Referred to as multicollinearity, it's often frowned upon to use 2 indicators that pretty much tell you the same thing. However, in this case I am using RSI as more of a trend confirmation tool rather than an overbought/oversold tool.
I also must mention that I will only be trading the GBP/USD. If you're starting out in the Forex, it's best that you stick to one pair so that you can focus all of your concentration on it. After a while, you'll start to get a feel for its movements, and it will help build your "intuition" on future moves. This is something that will come in handy as you become a more experienced trader.
I will never trade a news candle or the candle before it. If I am in a trade and a major news event is coming up, I will exit my trade before the report is released. I will however trade a candle after the news provided all my criteria are met.
Signals that occur before 12 midnight ET should be taken with caution. While you can still take them, you should be cautious because market volume is very quiet before the Euro session. As of 3/5/07 I am only taking signals that occur after 12 midnight ET.
I will close my trade whether I'm in the money or not at 4pm ET because market volume is very low at this time. Trade signals that you see before 12 am ET (midnight) should be taken with discretion because market volume is also low at this time. Optimal signals usually come after 1am ET.
Rules are made to be broken! Yes it sounds like a direct contradiction of what we preach but you have to remember that you are not a robot. There will be times when you will have to adjust to the market conditions and *gasp* break your rules. In the rare occasions that this happens, I will put out an update post to let you know of any split decisions I have to make and why I made them.
In conclusion, I wanted to give this system a name. After all, I don't just want to refer to it as the "So Easy It's Ridiculous" system since we've already established that applying a system to the Forex is far from simple. So as I thought about it, I tried to come up with a name that is relevant to the system's characteristics and at the same time, have it be a really cool name. Since the system attempts to ride the waves of the market I thought it would be appropriate to name it using the language of the surfers. So without further ado...I present to you:
Read the most frequently asked questions about the Cowabunga System
Related Posts:
- Cowabunga System FAQ 11:47 10 December 2006
- Cowabunga System Daily Update: 03/05/07 16:26 05 March 2007
- Cowabunga System Daily Update: 02/15/07 13:48 15 February 2007
- Cowabunga System Daily Update: 02/08/07 14:14 08 February 2007
- Cowabunga System Daily Update: 02/14/07 14:25 14 February 2007
Archived Comments (96)
Forex Blog: Pip My System
Thanks for this great post!
i'm really looking forward to seeing how this system works out!!
Is the Stochastics simple or exponential?
I use a simple stochastics
Hi can you use it on 5 min chart
thanks
thanks posting this. I have been trading demo since april 06 and live since Aug. 06. I have tried many systems from very complicated to simple and...before reading this had settled on a system very similar to yours. I have my RSI at 10 and only trade when get a good croos of the 50 level. Have the MACD and an indicator that tells the direction of all time frames from m1 to D1. I also use a MA. It is simple but efffect.
James- it will not work on the 5 minute chart.
sabaifx- sometimes the best systems are the simplest :) I'm glad you found a system that's working for you!
Thanks 4 the Cow-A>bonga ~
I will use this all next week...
I also have DiNapoli's MACD predictor'
this helps me enter 2minute charts and exit 0ne minute:
Hi,
Your system seems to be working well. Do you have to be at your monitor all trading hours to see the set up? Is there a way to know when the build up is to start?
Thanks
Felix
It’s true that a signal can come at any time in the day. I usually start looking for signals after 6pm ET. The best signals, however, usually come after midnight so if you just want to be safe then you can start looking after that time. In addition, my charting software allows me to set alerts to my phone. What I do is I find out my main trend using the 4hr chart and if the main trend is UP then I set my software to alert me if there are any moving average crossovers for a long trade. If the main trend is DOWN then I set my software to alert me if there are any moving average crossovers for a short trade. Sometimes it will be a false signal and I’ll just reset my alert, but other times I’ll actually have a valid entry. I live in the Eastern Time Zone so it’s particularly hard for me to be in front of the charts at all times but the alerts save me from this road block.
If you don't mind, what software system do you recommend
Why would the same principles not work using a 5 min chart and 60 min chart for overview?
maatglobal- I recommend using software than gets a direct feed from your broker that way your charts match your actual rates.
edd2000uk- Moving any lower than a 15 minute chart is dangerous because you are basically just trading more “noise”. For example, if you attempt to trade a 5 minute chart, you’ll be getting signals left and right which may lead to some winning trades, but in the long run you will be whipsawed many times because of the knee jerk reactions that a shorter time frame will give you. I think that even 15 minute charts is borderline, but I’ve tested the system and it seems to work just fine on this time frame. I highly recommend that you stick with a 15 minute chart or higher. I say higher because the longer the timeframe you use, the more reliable your indicators become. You’ll get fewer signals but the ones you do get will be a little more reliable. So if you would like to try this system on a higher time frame, that would be ok. Just be sure to demo it first.
I do not mind to get fewer signals if they are more reliable. I have decided to try on 30M and 1H charts. As for Stop Loss and Exit rules I think some adjustments are required to be made.Please help.
I am a regular(demo)trader yet to get confidence of opening a real account.
Hi my master, does your system work on EUR/USD?
Dexxter- Please refer to the "FAQ" page.
Hiya BigPippin,
I am under going in trying your system out to learn more. I think its one of those systems where it is good to learn.
I was just woundering when setting the Stochastic indicator, which one is it. On the software im demoing on it shows 5 different ones. There is "Stochastic Momentum Index, Stochastic Oscillator(Fast), Stochastic Oscillator(Full), Stochastic Oscillator(Slow) and Stochastic RSI Oscillator?
Thank You
Use the stochastic oscillator slow. I'm pretty sure thats the correct one.
I AM INTERESTING TO KNOW YOUR Xtick TRADING SOFTWARE, WHERE TO GET IT? IT CAN GET YOU ALERT THROUGH TELEPHONE? i am extreme new to forex? thanks..
What I have learned from this article is much worth than the training at forex.com
Thank you very much for sharing your knowlege
nice system. I would like to know if the RSI value supports the trade i.e. it's > 50 for longs or
I've created an indicator for metatrader based on your system.
I want to be sure of the parameters for overbought/oversold
If Stocastics is Above 80 you won't go long, or Below 20 you won't go short on both the 240 and 15 min charts or just the 15?
Both The Main and Signal Lines above 80 or Below 20?
Do you not trade if RSI also reaches certain levals.
When I'm done I'd be happy to send you a copy.
THANKS
im using xtick, and i was playing with your system on it...how do get it to send me an alert if the moving average changes?
BigPippin, Thank-you for giving me hope and excitement again for Forex! Cowabunga dude!
Hey BigPippin,
is it ok if i only trade based on timeframe 4 hours only?
It's interesting to see others have the same aversions I'm developing to trading news days. I've been experimenting with a quasi-random system that focuses on money management, with results that were looking quite good until yesterday. For no apparent reason, I started getting chewed up... then I saw people were talking about the CPI, and the stock market was plunging. Ah, well. I guess that's what practice accounts are for. Interesting system here... I'll be checking back in.
In the EXITS paragraph it reads "Generally 50 and 00 levels will be your targets."
Are the numbers correct and what does that refer to?
For example: 9750, 9850, 9950 are all "50" levels. 9700, 9800, 9900 are all "00" levels.
For your exit strategy, can you also exit the trade when the ema crossover comes about?
You mention that you enter a market order at the close of the candle. On the 15 minute chart, do you enter just before the candle closes, or as soon as the chart moves on to the next working candle?
That was my first entry pipsology, its looks interesting.
I hope also effectively.
Emil
Why the SL system is in so wide use? I think hedging gives more chance taking profit in both positions. It cost a litlle premium, but reach better psychology influence.
Am i right?
What are your settings for the MACD?
does anybody knows the script of the of the prorealtime.com charting software to set alerts and backtest it?
thanks
tom
EMA=moving average exponential?
can i set RSI=> 14?
Stochastic=>15,3,3?
(because i study FXCM course and they say those setting is less deception)
what MACD exponential i should set?
thanks
i wanna ask some question about clean break...i keep on figure out but fail...
what if a candle break our target but pull back after?
Example:(i long @2.0220 , limit @2.0250 , stop @2.0205 at sometime the candle reach 2.0264 and pull back to 2.0248 in just 15 minutes....
if i close at 2.0250 but the candle make a clean break then i'll miss out target no.2 (2.0300)
if i wait until the candle close then only close my trade i'll not earn the pips that i set?
what's the solution?
Thats the beauty/downfall of trading. There is really no set rule on when to exit. Personally, I don't put a limit on my trade, but rather watch it as it approaches my target. I usually like to wait until the end of the candle to see if it made a clean break of my target but if the candle is moving very rapidly sometimes I'll go ahead and exit. Sometimes I can even grab a few more pips if I manage to exit when the candle reaches a high above my target.
I'd like to ask you about the main trend. In the 4h chart above the green box marks the zone of the uptrend. It might happen that in the 4h chart the 5 EMA is already closing on the 10 EMA line from above (stochastics going down already) but on the 15min chart a cross (upward) occurs with all of your conditions satisfied. Would you still take such a trade according to this system? It seems to me that on many occasions such a trade results more likely in loss.
Thanks for your advice.
Alvo
Just a suggestion,,, if the trade really looks good don't let a
wide stop keep you out.... just adjust your currency size
to fit your money management... 100 pips at $1.00 a pip is
better than no pips at $10 a pip....
This is a great site. I have done stocks and want to start trading currency and so far this is the best place I have found on the internet. Thanks a lot for all the good info :)
My MACD looks different than yours and I was wondering what parameter values you use. I am using the default on my software (StrategyBuilderFX) which is Fast EMA: 12, Slow EMA: 26, and MACD SMA: 9. If you are using the same parameters, why would my chart look different?
I am attempting to visit the forum post that shows how to have an Xtick signal sent to your cell phone. Every time I click it, though, it takes me to the forums main page. No matter how hard I try to find it I am never able to, so if someone could send me in the right direction I would greatly appreciate it.
hi it looks like a great system, but tell me is your 5 EMA red or blue?
mine is usually red. thanks hypnos63@yahoo.com
hi its hypnos63 new member. looking at GBP/USD 12/20/2007 1659 EST, the 4 hr chart is in a downtrend, but the 15 min chart says go long according to every indicator you've given us. the problem is elsewhere you state that if the 4hr chart maintrend is down, we should short the 15 minute chart, which contradicts the go long advice. please clarify.
hypnos63@yahoo.com
The downswing and then upswing in EUR/USD Friday 12/21/07 seems to not have been "catchable" using this analysis.
Could this be attributed to news?
BTW -- Great stuff, and thank you for keeping it simple.
I noticed that many of your readers can not imitate you MACD and I was having trouble with that myself. But then I saw you could apply the MACD to another indicator (on XTICK)changing the results. So I think your MACD is applied to either the RSI or Stochastic. Could you comment on that? Thanks again.
Thanks for the simple system. I used this for the first time today and earned 17 pips despite late entry. Though I also missed about 2 good opportunities.
ih ih
i been watching your trades and i would like to know if you do this for a living or justed on the side?
ive gone throught 1500.00 i win some put in the end i lose.
im going to try your trades and see what happens;
do you sit and watch the trades all day,if so from what time to when?
thank you
Thanks a lot for all the good info :)
If you have any questions, this is probably not the best place to post them if you want them answered.
I'm still waiting on an answer to a question from mid December.
BIG PIPPIN, THE TRADING SOFTWARE THAT I'M USING ALLOWS ME A CHOISE OF TWO RSI'S WHICH ONE DO YOU SUGGEST WORKS BEST WITH THE COWABONGA SYSTEM EMA, OR SMA.
THANKS
RAPTOR5910
Hi,
When waiting for the 5 to cross the 10 on a 4 hr chart, after the cross is it ok to take the trade or must I wait for the candle to close ? Thanks Rich
Hi
Is there a MetaTrader 4 expert advisor available for this CowaBunga System? If so, how can it be acquired?
Thanks
im new to trading and im wondering why you use EMA instead of SMA?
thanks
em1942il I am interested in your comment that why use SL. Instead you could use hedging as you suggested. But how do you exit with profit if you become "hedged"? Please share your thoughts. I use stop and reverse method just to recover any loss hwen the trade goes in the opposite direction instead.
Thanks for sharing your system. Its very noble of you to do this, you must have a kind heart.
I am demoing on Oanda I do not have a 4hr. chart so I use the 3hr.
Trading has become my bread and butter for the rest of my life, so I have to learn it to stay alive. Thats a little dramatic but I am learning it for my income.
In 1998 I became sick, lost my job and home and was forced onto disability. Its nice to be in America that we have all these benefits we have paid for through our taxes so when hard times come we have something. I have always worked ever since I was 15. I was in the prime of my career, saving my 401k when I was struck with a rare illness.
Since that time I have spent a lot of my 401k money on scams and trash that promised all kinds of income working at home. NONE OF THEM WORK! I found Forex a year a go. I went through Babypips and I went through it again last week. I have read and tried everything I have found on the internet and at book stores and the library.
I feel more confident now thenI did a year ago but not enough to start live trading, I refuse to give those brokers my hard earned cash.I will continue to study until I have at least a 60% winning streak over a few months or so. I have come to like break outs and using support and resistants. I also like your system and thanks again for sharing. When we share some times we feel unappreciated by those who feed like sharks on us with no thanks, but I hope you never get dissuaded because you have made a difference in my life and I need all the help I can get to come to the point of trading for a living so my poor loving wife can stay at home like she deserves and not have to work like a slave ever sense I became sick, it breaks my heart to see her have to work so hard and it makes me hate my life. But I honestly feel forex will change my life, I am committed to it and i will be successful. Any tips or guidance will be appreciated. blackberrygrowers@hotmail.com
Can someone tell me if the
Can someone tell me if the fxcm practice account can be renewed contunually after it expires every 30 days or if not are there any practice accounts out there that don't expire that have timeframes greater than daily as this is the maximum I can get out of oanda.
Thanks in advance
I need to first commend your effort.Infact 70% of whatever I know in forex is from babypips.Being a nigerian and residing in nigeria,my problem is multifaceted;from cash shortage,finding the right ISP,{I only make do with a dial up for now}.powersupply problems, being rejected by acclaimed brokers eg GFT,FXCM and so on.Even my mastercard is not acceptable.Infact Irealy need help in these areas.But i appreciate you,cowabunga is one nice system.THE JOY OF THE LORD SHALL CONTINUE TO BE YOUR STRENGTH.AMEN.oluorebis@yahoo.com
I made a good profit for 3 weeks but it just wiped out within 1 day. It happenned twice already. I'll apply your CowaBunga System and it seem good system to try. From my two losses, I believe 'money management' is very important.
Thanks a lot, i have been studyng your blog and i h´been profitable on demo for four months, 14.22% per month.
thanks
sergio
i can most better trading system seen but this system very rantable
Thank you so much for this website!
It has been (and it's still being) a great help.
I have read all your strategies and haven't found anything about trailing stops, what do you think about it?
Don't you think it could be interesting way to maximize the benefit without taking to much risks?
Sorry if the answer has already been given (or the question already asked). ;)
hi, for your system, when do we pull the trigger? After the close of the black candle?
Can your working chart be shown side by side with mine, on my laptop?
I appreciate the detailed yet straightforward explanation of your trading system and indicators.
As a complete noobie, relying on the indicators after comparing chart time frames for the general trend helps to take a lot of the guesswork out of appropriate entries.
Once the criteria for an entry has been met, do you have a specific recommendation for entering via market order versus limit order?
In other words, all things being equal, if I enter via market order am I giving up too many pips towards what could be my gains?
Hi BP, great site learning lots!
I have used a system similar to this for a while but refining my numbers to match this system has really helped. I work full time approx 12 hours per day; and trade while I am working.. Using this system I pulled +112 pips last week.. I have always believed in the KISS system of doing things.. I appreciate your time and efforts in sharing this system. Forexkerry@gmail.com
I must commend your rigorious efforts you have put together.It had revived still reviving the urgly approach many of us have towards forex.It is highly appreciated.God will reward you bountifully.
Now I am a bit puzzled by stochastics. You say 10,3,3.
What are those settings representing ? Like 10=?,3=? and 3=?
I use netdania which has 4 studies, namely
Stochastics Full
stoch Fast
Stoch Slow
Stoch RSI
I apologise if you have been asked this one numerous times, bbut I have looked around to try to find the answer only can't find it !
I was trying to figure out why my MetaTrader MACD didn't match up with your MACD and so someone mentioned to try the MetaTrader OsMA indicator instead. An it does! It has the same settings 12,26,9. Anyway I just thought I would let everyone else know about it. It has probably been mentioned before somewhere and if so I apologize.
Where does one find and how does one download the MT4 Cowabunga indicator?
Thanks in advance,
BPUser
I'm using Marketscope 2.0 chart...how can I separate the RSI from Stochastics like what you have above?
Hello, i have a few questions regarding pip my system if you dont mind awnsering.
1. i have established as of 8/19/09 that the trend is going down, as far as settingthe ema's for 5 & 10 you are saying to apply it to the close, exactly what are you reffering to when you say appling to the close? Also regarding ema i am currently using accu charts and it has many differnt categories for moving averages, 2 for exponential one of them says ohlc after it which i dont understand.Is there a difference between the 2 for this systems purposes?
Accu charts also has 2 parameters that say period & shift & next to each it says value ( i hop[e you know what i am reffering to)Do i change both of them to 5 and also when i set the 10 do i also set both to 10?
2. On the rsi also using accu charts you are saying the setting should be 9, when i try to set up the rsi it again gives me more than one option it says period, upper level & lower level and after each it says value, do i change all 3 to 9?
Thank you very much for your time in awnsering these questions.
would you recommend to apply 2*ATR as stop-loss and 4*ATR as TP?
I'd like to download the mt4 Cowabunga indicator but the zip files I download from babypips now are not valid archives.
Hi
I am also a beginner in IFOREX. My home language is not english so i find it sometimes difficult to understand the terminology. I have a friend that assist me via e mail. When do i decide to buy or cell currencies esepcially US$
If the US$ is strong do i normally buy other currencies and if it becomes weaker against other currencies do i then cell other currencies e.g EURO/AUS/NZ etc. Please assist
Thanks
Thomas
thank,s for help
On setting up your charts--you say to use the RSI(9)simple
well in my Indicators to choose from mine are listed as
RSIWilder--RSIWilderlegacy--RSI_EMA--I set mine at RSI_EMA hope that was right--my other question is--if say the trend is down or up--and the two upper EMA's are traveling along side by side for quite a while--it seems you have to wait a long time some times before they cross one way or the other. And you loose out on alot of pips in the length of time. (Dont make the trade right?) wait for the cross--always wait for the cross??. And as far as the two systems or One---I have been using the system that is Intraday 15min---I should be using the 4 hour 15 min chart system instead???
Thank you: PipPipChereo
Hi, just wondering what is considered overbought or oversold for RSI and Stochastics? Thanks in advance.
Joe
This is an incredible system. I have been trying it out for a week and its been paying according to the lot sizes on my demo account. Can it be this consistent on a live account? I just downloaded the indicator software to assist but i do not still know how to use it due to its EST timing calculations.
I have a question concerning your target price and order type. I under stand that the target price is at a 100 or 50 level or equal to what is risked. You mention that when a candle closes beyond a target price that you keep the trade open and move the Stop Loss to the original target price. What type of order do you use for this? Or do you not place a target price order and just watch this manually? Options I've tried: 1) I place an order to take profit at target price and if price closes beyond TP I open a new trade. This puts part of the original trades profits at risk. 2) I place a Trailing stop to kick in 10 pip beyond original TP. This doesn't lock in the profits from the original TP if the trigger is not hit. 3) I manually watch for my TP to be exceeded or met. This once again leave the option that I close too late. I'm just curious what order process you take. I'm aware brokers can handle this differently. Thanks!
Hallo I am a new member here on babypips.I have just come across your system and I am so amazed the many similarities of our trading systems. I take most of my trades in the 5 minute chart with EMA' 3 and 15. I Also use full stochs at the following settings at (5, 3, 3) alongside the awesome oscillator with the settings 3,4 instead of the MACD. I would like to ask you something in regards to the RSI. When you are cosidering entering, do you expect the RSI to do a fresh cross to above or below the 50 line every time even the other signals are in line? Hope you understand the question???
Cowabunga system is allsimply waaaaaaaaaaaaaa.This is a great system but before that this is the guys who find it.
You have a big hearth to sharing and explain your system who can change the live for many people.
With Cowabunga system,don't worry for the furthur.
L.S
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A very interesting strategy indeed and to be sharing it with us newcomers is already an outstanding deed.
Keep up the awesome work,
I just finished reading it,but from my little experience and reading ,i can say you meant well for us.Please do not fail to tell us anytime you discover any adjustment or upgrade to it.
Thanks,
Junaid
would like to know where to get the system. am a new member just join today and have not trade fx before.
Brillant! This system sounds simple and simply defined. I will try it and feed you back in due course! Keep on keeping on.
I am so glad you have taken the time to write this system in addition to the 11th grade system. I will try this out and let you know. BTW I am new to forex, strictly on demo until I have learnt enough to go live. If it were not for this website I would be paying huge amounts of money to get the information placed on this website for free. Thanks for giving.
Ha-ha! "The Cowabunga System" is awesome! For more advanced techniques you could read Forex Trading Strategies – 3 Tips To Build Constantly Profitable Trading Strategy
So I know you say not to enter a trade if the RSI or stochastic is already in overbought/sold territory on the 15 minute chart but what about if it is the 4 hour chart wen looking for the trend? Should I wait until the trend changes? Also, do you think it would be ok to look for the trend on a 3 hour cart? I only as because I use Oanda since I'm on a Mac and their timeframes don't include 4 hour. It goes straight from 3 hour to daily. Thanks for the help. Love the system!
Hi
Very interesting system, I especially like the simplicity of it.
/ Mike
http://forexmike.blogspot.com/
Hi,
how reliable is this system ?
can you post some stats for this system,
percent profitable, RRR , net profit... etc.
how many trades over the last 3 years, what is the best pair for trading the system , and what is the best time frame?
I'm pretty new to Forex but I've been swing trading stocks off and on for awhile. I found the jump into FX a little more difficult than I expected and needed some reliable signals for entry and exits.
I've been using this system as a general guide for my short term trades and so far i've gone from -100pips to +75 pips over the past few days. It's nice to finally start seeing small profits for the day, so it's working well for me so far, thanks