In this post I will be reviewing the forex black cobra trading system which is a manual forex strategy that has been developed for trading currency pairs in the MetaTrader 4 (MT4) platform. If you don’t already have it, you can get MT4 free from most forex brokers. You can simply load the forex black cobra template onto all of your favourite currency pairs and chart timeframes to help you make informed trade decisions.
What is Forex Black Cobra?
Forex black cobra is a manual forex system that contains a combination of market analysis to identify possible buy and sell signals. The system comes with ready-made templates for all the major currency pairs, so you don’t need to set anything up yourself. You can just load the template and start trading.
It is versatile and colour coded, making it easy to use and suitable for all types of trading strategies including scalping, day trading and swing trading. The forex black cobra strategy has a nice interface where everything is clear and obvious, meaning that even beginners will be able to understand the signals that it generates.
However, I think it is very important to confirm each forex black cobra signal with your own market analysis. I wouldn’t personally take the buy and sell signals as they are without first looking at other technical indicators and conducting thorough price action analysis. You can of course take the forex black cobra signals as they are, but I feel there will be false signals that can be avoided by adding your own confirmation.
Forex Black Cobra Strategy
The forex black cobra trading strategy is based on price action, without the need for any potentially lagging indicators. Price action trading is the discipline of making all of your decisions in trading from a clear price chart. It describes the way a market moves, including its trends and key support and resistance levels.
I think that too many forex traders overlook price action as it takes some extra effort to learn different candlestick patterns and how to implement it within your forex strategies. It is quite rare to see a forex strategy that utilise this way of trading and also refreshing when you consider it is price that moves the forex markets after all. I would have just liked to have seen them include some technical and fundamental indicators rather than rule them out completely.
In theory, you can use the forex black cobra trading system on any currency pair and chart timeframe. I prefer major currency pairs such as the EUR/USD and GBP/USD as I find they tend to have plenty of trading volume which means there is enough liquidity for tight spreads and quick execution speeds. You can also catch some good market moves if you time your entry and exit well enough.
In terms of chart timeframes, I would be looking at the 1-hour charts and above. Not only does this means less times needs to be spent watching charts, I find the longer-term timeframes can help to filter out some of the market noise that can lead to more false signals on the shorter-term timeframes.
Forex Black Cobra Trading System Advantages
- Any currency pair and other financial instruments
- Any chart timeframe from 1-minute to monthly
- Clear and actionable forex signals for manual trading
- Easy to setup and use, with customised template included
Forex Black Cobra Trading System Disadvantages
- Requires additional confirmation using other analysis
- Results can be dependant on money management strategy
- Not that much different from a template you can create yourself
Forex Black Cobra Summary
I think the black cobra forex strategy has some potential, especially for beginners who are looking for some guidance with their trading. However, I did not find it to be that much different from a trading template that you could create yourself using the default MetaTrader indicators. Granted, it is nice to have everything already prepared and the signals are clear, I just feel like it needs the user to take some initiative rathe than blindly doing what the forex black cobra system tells you to do.
If you are curious about the black cobra forex system and want to give it a try, I would say to start on a demo trading account. This will allow you to get a feel for how it works without needing to take any risks. You can trade currencies with virtual funds on a demo account which is a great way to improve your forex trading skills and build up enough confidence until you feel ready to make the switch over to a live account.
It comes with a free bonus in the form of “Dynamic Fractalz”. This is a forex indicator that is designed to help spot trend reversals. It uses multiple timeframes for signals based on fractals which are a very powerful tool that can help traders identify potential support and resistance levels.
Forex Black Cobra
$132
Pros
- Manual Forex Strategy
- User-friendly Interface
- Clear Buy/Sell Signals
- Any Trading Instrument
- Any Chart Time Frame
- Any MT4 Forex Broker
- Detailed Instructions
- Full Support
- Free Updates
- Free Bonus Forex Indicator
Cons
- MetaTrader 4 Only
- Quite Basic Forex Strategy
- Price Action Analysis Only
- Takes Time To Learn How To Use
- Requires Good Money Management
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
