But before you follow along, here is a little background on the system that I will be trading. (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. I will never trade a news candle or the candle before. So heres how it works: if the price in the 4hr charts are trending up, then only buy trades will be taken in the 15 minute charts if the price in 4 hr charts are trending down. Short trades: 5 EMA must cross below the 10 EMA (Indicated on my chart by a purple candle). RSI must be greater than. I will however trade a candle after the news provided all my criteria are met. RSI (9 stochastic (10,3,3) macd Histogram forex trading sell a currency converter (12,26,9) Stop Losses There is not a hard number that I use for a stop loss. Price made a clean break so I moved my stop.3100 and set my next target for.3050. I will close my trade whether Im in the money or not at 4pm ET because market volume is very low at this time.
Daily Recap of the Cowabunga System for Wednesday, 05/20/09 View the full post and add your comments here: m m Candlestick Trading Series video 5 Understanding candlesticks as they apply to the Forex market. 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. Video Rating: 4 /. So the 4hr Chart settings you need and the indicators you need are these: 5 exponential moving average applied to the close 10 exponential moving average applied to the close stochastic indicator( settings: 10,3,3 rSI (9 you make your. This is where you must be careful. Ill list total number of trades, number of wins/losses, average winners, average losers, max drawdown, and max winning streak. The trade entry rules are simple: 15-Minute Chart Settings: 5 EMA applied to the close 10 EMA applied to the close. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target.3150. So by looking at the main trend and trading in the direction of the main trend, you will have a better chance of getting a winning trade.
5 ema must corss 10ema downwards check to make sure RSI is less than 50 stochastic indicator must be headed down and forex cowabunga not in oversold region. I exited.3152. RSI was less than 50, stochastics were trending down and macd was positive and losing value. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my initial target.2900. The 15 minute chart looks similar to the 4hr. What is a 50 or 00 level? I will be making my trades off of a 15 minute chart, but I will be using a 4-hr.
As mentioned, you need to identify the main trend in the 4hr timeframe. Youll have to use your brain for this one. Yes it sounds like a direct contradiction of what we preach but you have to remember that you are not a robot. Entry: Long.2877. Using the examples above, this is where I would place my stops: In these examples, the stop losses were not that wide. So in this example your target would. So as I thought about it, I tried to come up with a name that is relevant to the systems characteristics and at the same time, have it be a really cool name. There will be times when you will have to adjust to the market conditions and *gasp* break your rules. Trade signals that you see before 12 am ET (midnight) should be taken with discretion because market volume is also low at this time. However, there will be times when the most recent swing high or low is several pips away from your entry. The point I try to stress is that a trading system can be simple and profitable at the same time. Youve finally finished reading and re-reading every page of the. Signals that occur before 12 midnight ET should be taken with caution.
Record Keeping I will have a dedicated post that will constantly be updated as we go along. You want to jump in the market but arent quite sure where to start. 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. Exits Heres where things get a little hairy. Chart is trending down, then I will only be looking to go short on the 15 minute chart. Trust me, there will always be another trade later. What the cowabunga trading system is a trend trading system. Cowabunga Forex System, current Trend, the trend was UP until the entire day today. This was a valid entry. Target:.2900 6:15am EST, my target was hit. As of 3/5/07 I am only taking signals that occur after 12 midnight.
If I am in a trade and a major news event is coming up, I will exit my trade before the report is released. Want to discuss the Cowabunga System? (We want to catch trends early so the macd histogram must be negative). Graduation day is here! If the stop is too wide for you to keep within your money management rules, simply stay out of the market! We will cover the most basic to advanced. News events to watch for Friday: For a complete list of news events check out our. After all, I dont just want to refer to it as the So Easy Its Ridiculous system since weve already established that applying a system to the Forex is far from simple. Cowabunga Forex System, current Trend, the trend was down until the entire day today.
Stochastic must be headed down and not in oversold territory. RSI must be less than. I exited.3072. Here I will take a simple system and apply it everyday to the forex market. Keep checking back for new videos. So what this forex trading system does is use the 4hr timeframe as for identifying the main trend and then trade entries are taken in the 15 minute charts. For example, 25 50 and 26 00 are examples of a 50 and 00 level respectively. The entry was at the close of the candle.3187 with a stop at the most recent swing high.3225. Well, not reallyIll have to show you how you actually use the cowabunga system, its application and all the things you need. That way we can track the progress of the system as we go along.
Conclusion If youre sharp, you may have noticed that I use RSI and Stochastic which both measure overbought and oversold extremities. A trading system that actually requires you to think?! After a while, youll start to get a feel for its movements, and it will help build your intuition on future moves. RSI was less than 50, stochastics were trending down and macd went from positive to negative. Macd histogram must go from negative to positive OR be negative and start to increase value. RSI was greater than 50, stochastics were trending up and macd went from negative to positive.
News events to watch for today: Todays Surf 12:45am EST, there was a moving average crossover for a long trade. Macd histogram must go from positive to negative OR be positive and start to decrease in value. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target.3100. Long trades: 5 EMA must cross above the 10 EMA (Indicated on my chart by a black candle). Dont forget to share, like and tweet this cowabunga forex trading system to your friends. A few options: exit your trades at 50 or 00 levels. RSI (9) (Simple mACD (12,26,9) (Exponential histogram)- Make sure the histogram displays the difference between the 2 lines.
So without further adoI present to you: I highly recommend you also read the most frequently asked questions about the Cowabunga System. Even if that trade happens to win a gazillion pips, you should never compromise or doubt your decision to follow strict money management. While the title of the system in the lesson is called the So Easy Its Ridiculous system, actually applying it is not. Well, it simply forex cowabunga means that any price that ends with 50 or 00, thats where you exit your trade. I also must mention that I will only be trading the GBP/USD. Stop:.2863, target:.3900 2:00am EST, unfortunately I was stopped out of my trade. See how Pip Surfer trades his.
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