Hi u r here from the begining , could u say this strategy is worth it ? i read all the pages and i prepared my MT4 , will test it live !Ignored
I stopped using it last summer. Like with most indicator based breakout strategies, it doesn’t work well with ranging or consolidating markets. G/J would break out to one side for 2 or 3 days, then coil back up into a triangle or a range for several more. At it’s worst the strategy would give buy or sell signals just as price was ready to head back the other direction. My work around for this was:
When G/J has been ranging lately and you get a trade signal:
If price is already near the top or bottom of the daily range, pass up the trade unless price actually breaks out for a new high / low.
If price is not near the top or bottom of the daily range, choose a TP target near the top or bottom of the range instead of going for a target beyond it.
That would usually help. I also became a believer in taking partial profit and then tightening up the SL (maybe BE+1). Not a bad idea when trading G/ J, even in an obvious trend.
The heart of the strategy seems to be the QQE5, QQE60, and Gann HiLo. I think you could use these on any chart from M1 – M30. All the other indicators appear to be designed to keep you on the right side of the trend, keep you out of false breakouts, and identify areas of S/R. Their effectiveness is questionable at times. I think a smart trader with some experience could eventually change them or just do without. Then you’d have a more simple and personalized version.
"It's not what you look at that matters, it's what you see." Henry Thoreau