Simple Forex CobraSystem Thoughts Please?

in the pdf it is exactly explained

cheers

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http://www.forexfactory.com/showthre...41#post5474741

http://i.imgur.com/yanLp.jpg

thanks for sharing

here are 4 days testing of this strategy with 0.01 lot trades
profit 0.40
lose 0.09
total profit 0.31
total trades 18
avarage trade 0.017

it's quite nice result ?

Just finished reading pdf. very nice looking system. when i get some time to trade i will give it a go and post my charts. Thanks for posting this.

Hi there, I just wanted to know if this is considered a vaild trade even though there were 2 reversal bars instead of 1.

what about your 72 moving averages you need to use them inconjuction to your entry











Remember patient-greed=success

The price closed above the higher 72 ma. And the current candle's body is above the 12 ema. After seeing two reversal bars would this be a vaild trade or not???

From the PDF ..

Trade entry criteria!
1.
First candle must close outside of the both buffer zones.
2.
Second candle must open AND close outside of blue zone, and must create a new high or low in the direction of the trend.
3.
Second candle must NOT be a reversal candle.
4.
The ADX must be above 22 and moving upwards.

1. Yes ( long green )
2, No.. candle has not created a new high in the direction of trade.**

Therefore NO TRADE.

** if it had created a new high I may be tempted, however I would prefer the second candle to open and close outside the orange band.

Also, the fact there are 2 reversal candles doesnt matter, again from the PDF

So all you’ve got to remember here is that the when the first candle breaks out and closes outside of the buffer zones, we have an early warning of a possible trade.
We then wait for confirmation in the form of another candle forming completely outside of the buffer zones, and in the same direction (color) as the first candle.

Thanks for your input slowlyslowly. I am going to wait for the aud/usd to open and close out of the orange band.

Actually, having read that again, it appears clear that the confirmation candle MUST open and close outside BOTH zones.

In respect to AUDUSD there is talk on other forums of 520 - 30 being resistance area which would make me cautious.

I would like to say I am no expert in this system, having made my first 2 trades last night ( both winners fortunately) however having virtually blown my third account, I am FINALLY learning the value of patience lol.

Looking at the daily, if an uptrend begins it could quite easily go to 1.08, so I would rather wait an hour or two for confirmation before entering. This would also let the blue lower band catch up resulting in a smaller stop for less risk or larger lot size.

Yep! Slowly you are right. Thanks on that one again!

AUDUSD bought at 1.0547 according to the rules .. lets see where it goes

I think it is not according to the rules.
Took 5 candles to form a valid Candle 2.

Well, there is no rule that says: only take a trade when only 1 or 2
candles happen between Candle 1 and Candle 2, but from the examples
in the PDF, it looks like that is the way to go.

You went Long at a strong H4 Resistance level.

Since nobody can predict the market, you could win the trade .... or hit StopLoss, who knows ?

http://i.imgur.com/WbHsw.jpg

Yes I saw the resistance, and this is my interpretation of the chart. Like you said, who knows?

slowlyslowly AND Traderjess if you take that trade you not following the rules maybe this will help the 72 ma must clearly cross the 12ma










Remember: patient-greed=success

I've had a good look, but I can't find the MA cross being part of the rules? The author talks about price crossing the MA's but only that it needs to be above or below the bands. In fact the examples on p37 and 39 seem to advocate trades before the MA's cross (although my eyesight isn't what it used to be).

Is this an additional filter you have added yourself or can you direct me to the part of the PDF that it is mentioned? (trade is heading south so it may be something to think about)

Im trying this system out i suppose that if we add to it basic s/r lvls we can filter even more bad signals
Ill start testing it since next week, tomorrow is friday so theres no place for trading :-)
I will only trade the pairs with tightest spreads.

Someone said that this system will get blown easily in the range market, but i really doubt it since the filters are pretty good, they would keep as away from many bad trades

Is the candlestick in the box good to trade?

Which is the canldestick in the box to take the trade?