Forex cowabunga system mt4 indicator support

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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.

A trading system that actually requires you to think?! Generally 50 and 00 levels will be your targets. What is a 50 or 00 level? For example, and 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.

You could then set your target for 20 pips away from your entry. Record Keeping I will have a dedicated post that will constantly be updated as we go along. That way we can track the progress of the system as we go along. 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 the market volume is very quiet before the European session.

Trade signals that you see before 12 am ET midnight should be taken with discretion because the market volume is also low at this time. Does the system only work with the Cable? Can you use it on other pairs? The system was specifically tailored for the Cable. However, just eyeballing the charts, the system does seem to find good entry points on other pairs as well.

You might just have to tweak the stop and target rules. Will the system work on any other time frame other than the 15 minute chart? 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.

So if you want to try this system on a faster time frame, be sure to demo it first. What charting software do you use? I can also paint my candles when certain conditions are met. This why I have purple candles for when the moving averages cross down and black candles for when the moving averages cross up.

The alerts get sent to my phone so it saves me from being glued to the charts. What is your trading schedule like? Do you stay up all night to trade this system? The Cowabunga system is just one of the systems I trade in the Forex. I live on the Eastern Time Zone so many of the good trading opportunites happen when I am asleep. Because of this, most of my trades are swing trades where I hold positions for longer than a day.

So you might be wondering how I catch these Cowabunga signals. Do I have to stay up all night in order to trade it?

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