15m 4H COWABUNGA FOREX TRADING SYSTEM

This trading system which you are going to learn here is called the Cowabunga Forex Trading System.

The Cowabunga Trading System is a trend trading system. So what this forex trading system does is use the 4hr time frame as for identifying the main trend and then trade entries are taken in the 15 minute charts.

So here’s how it works:
1 - If the price in the 4hr charts is trending up, then only buy trades will be taken in the 15
minute charts
2 - If the price in 4 hr charts is trending down, then only sell trades will be taken in the 15
minute charts.

Main Trend 4 HR Timeframe
As mentioned, you need to identify the main trend in the 4hr timeframe. So the 4hr Chart settings 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), add horizontal line st 50 level

15 Minute Timeframe - Wait for 4H to setup then trade when 15m sets up
You make your trade entries in the 15 minute timeframe. This is what you require on the 15 minute chart:
5 exponential moving average applied to the close
10 exponential moving average applied to the close
stochastic indicator( settings: 10,3,3)
RSI (9), add horizontal line st 50 level
MACD (12,26,9) (exponential histogram)-you have to make sure the histogram displays the difference between the two lines.

Buy (Long) Trades Rules - 4H & 15m setups
1. 5 exponential moving average must cross above the 10 exponential moving average
2. check that the RSI must be greater than 50
3. check that the stochastic is headed up and must not be in the overbought region
4. check that the MACD histogram either in the negative territory and starts to increase or is in negative  going to positive.

Sell (Short) Trade Rules - 4H & 15m setups
1. 5 ema must cross 10ema downwards
2. check to make sure RSI is less than 50
3. stochastic indicator must be headed down and not in oversold region.
4. MACD histogram must go from positive to negative or be in positive and start to increase in value.

Comment:

4H & 15m setups have hit. Trade has been ENTERED
You find your own SL and Take Profit strategy

Comment:

USDJPY 4h SL & TP setup

Comment:

Adjusted 2nd trade SL to 1st TP level
When price breaks support level
SL of 2nd trade will be adjusted again